Is XRP Poised for a Meteoric Rise Like Dogecoin Amid Ripple CEO's Upcoming CBS Appearance?

In May 2021, Tesla CEO Elon Musk hosted the popular sketch show Saturday Night Live. While many viewers tuned in as they did every weekend, the crypto community was particularly excited, especially the investors in Dogecoin (DOGE). Musk had initially tweeted about Dogecoin in 2019 and even revealed that it was one of the few cryptocurrencies in his portfolio.

This built-up excitement led to a staggering surge in Dogecoin's value, which skyrocketed by 5,890% within the first few months of 2021. Fast forward to now, and with XRP (XRP) appreciating over 400% since the recent elections, many wonder if XRP is about to experience a similar surge, particularly with Ripple's CEO, Brad Garlinghouse, set to appear on a significant television platform. Let’s explore this possibility further.

Preparing for CBS' "60 Minutes" Feature

Few cryptocurrencies have seen as much change due to political events as XRP. In 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, which is the company behind XRP, as well as against Garlinghouse and co-founder Christian Larsen. They were accused of selling XRP as an unregistered security from 2013 onward. This case became crucial as it could set a significant precedent regarding the SEC's control over various cryptocurrencies.

Initially, a judge ruled in favor of Ripple, but the SEC then appealed parts of that decision. However, with the anticipated exit of SEC Chair Gary Gensler, who has been central to many crypto regulations and lawsuits, the resolution of Ripple's legal battles could come sooner than expected. After the elections, reports suggested Trump, who has shown a pro-crypto stance, met with Garlinghouse, leading to an immediate spike in XRP's value.

On November 25, Garlinghouse announced via X that he had been interviewed by CBS' 60 Minutes about various aspects of cryptocurrency. Many expected this segment to air on December 1, but that date passed without the episode. Nonetheless, during the days leading up to that date, XRP's price surged nearly 39%.

By December 2, XRP had appreciated more than 63%, and by December 3, it had soared over 93% since November 27. This remarkable growth seems heavily influenced by the anticipation surrounding the 60 Minutes interview, as many still expect the episode to air in the near future.

Meme-based cryptocurrencies like Dogecoin tend to react to major publicity, which often acts as organic marketing. For instance, Dogecoin usually sees price increases whenever Elon Musk tweets about it to his massive 206 million followers. 60 Minutes is one of the most-watched non-sports programs in the US, often attracting over 10 million viewers. There are expectations that such exposure could draw in new investors, potentially pushing XRP's price to new heights.

Does XRP Have More Longevity than Dogecoin?

Despite uncertainty about when Garlinghouse's interview will air, interest certainly exists regarding how XRP's price will respond once the broadcast date is confirmed. This could resemble a 'sell-the-news' scenario similar to what happened with Dogecoin.

That said, many believe XRP holds more substantial value than Dogecoin. Even with its recent impressive rise, XRP has significantly lagged behind Dogecoin over the past five years. The ongoing SEC lawsuit has cast a shadow over XRP, yet it has many potential real-world applications, particularly in cross-border transactions. Furthermore, XRP has a finite supply, which may offer better protection against inflation compared to Dogecoin. The potential introduction of spot XRP exchange-traded funds could also enhance its visibility to investors.

Predicting the duration of this cryptocurrency rally can be challenging, as cryptocurrencies lack intrinsic value, making market timing difficult. Yet, XRP appears to have a potentially extended climb ahead, especially considering it has been undervalued in previous years. Trading might experience significant fluctuations, so it is important to invest only what you can afford to lose.

Note: The author has positions in XRP. This article does not constitute financial advice.

XRP, Dogecoin, Ripple