- Jungle, a top XRP figure, believes that the end of 2023 may not be great for XRP.
- The analyst cited economic factors such as rising interest rates and the ongoing housing market for his caution.
- However, he pointed out some positive developments in the crypto industry on the horizon.
In a recent tweet, a prominent figure in the XRP community, Jungle, elaborated on the reasons people incorrectly believe that he had turned against XRP.
Jungle first acknowledged the historic victory that Ripple and XRP achieved in the legal battle. He mentioned that the court’s ruling marked a turning point. Yet, he expressed that it was just the beginning of the healing process for the crypto industry, not the culmination.
However, the influencer expressed a cautious outlook for XRP as the year rolls to an end. Specifically, he said: “I don’t believe the END OF 2023 will be great for XRP …”
2. I don't believe the END OF 2023 will be great for XRP or crypto in general. Times are financially tough for many. The Fed looks to keep interest rates elevated. It just doesn't feel like a great time for growth. S&P 500 is up 16 % YTD and the housing market is still elevated— Jungle Inc 2.0 (@jungleincX) September 11, 2023
The analyst cited economic factors as the basis for their skepticism. Jungle pointed out that the prevailing financial climate posed challenges, with many individuals facing financial difficulties. Moreover, he highlighted the Federal Reserve’s commitment to maintaining elevated interest rates. Jungle also mentioned broader economic indicators such as the S&P 500’s 16% year-to-date increase.
In his view, the circumstances do not create an enabling environment for robust growth this year. “It just doesn’t feel like a great time for growth,” the XRP analyst remarked.
Despite this cautious sentiment, Jungle shared several positive developments on the horizon for the crypto industry. He highlighted key drivers that could contribute to the short-term growth of cryptocurrencies.
The factors include the involvement of heavyweight institutions like BlackRock and Fidelity in onboarding new investors. He also noted the potential progress in crypto regulations and the significance of the upcoming Bitcoin Halving in early 2024.
Moreover, Jungle underscored the ongoing development of the XRP Ledger (XRPL). He noted the possibility of a favorable market turnout with proper stable coin and automated market maker capabilities on XRPL.
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