In a new video, Guy, a million-subscriber Coin Bureau analyst, shared more details about his mega-bull-anticipated altcoin project.
Coin Bureau analyst says a new startup will blow up this altcoin project
Coin Bureau analyst nicknamed Guy says that Ripple’s new attempt to develop a sidechain on XRP Ledger (XRPL) will kick off the “mega bull” for the XRP price:
In case you haven’t noticed, EVM support has sent many Ethereum competitors to the moon in the past, including Harmony and Fantom. Therefore, EVM side chain support could be mega bull for XRP. This ultimately depends on how fast XRP will be on the EVM side chain.
However, Guy notes that EVM is “inherently “limited” to a few hundred transactions per second (TPS). But he doesn’t think this will be a big hurdle for Ripple:
This initiative means that Ripple will have a lot of work to do to improve its transaction speed. This shouldn’t be too hard to do, given that Avalanche, Near Protocol’s Aurora layer, and Solana’s upcoming Neon layer all leverage EVM and can process thousands of transactions per second.
SEC and Ripple case
In part of the video, Guy stated that the sidechain initiative is not the only catalyst for XRP. The analyst says his lawsuit with the SEC will be price-defining:
The only advantage XRP will have over most other EVM chains is its large community. However, XRP has one major downside. This is the only major cryptocurrency chosen as a security by the SEC as part of its lawsuit against Ripple and its partners.
XRP is currently trading at $0.4667. It had the opportunity to rise by only 2% during the period when the market was on the rise. cryptocoin.comAs you follow, Solana and Cardano were in the double digits rally today.
Why is the altcoin market rising today?
First behind the reasons behind the acceleration was the US Federal Reserve. Now, as the Fed has no room for maneuver, rumors of a rate hike outlook are also mounting. After next month’s rate hike, doubts are that policy will begin a U-turn. It is also among the expectations that it will make smaller increases in the following months before completely reversing in 2023. Here are the key upcoming dates for the Fed:
- October 28: Personal Consumption Expenditures (PCE) price index
- November 1-2: Federal Open Market Committee (FOMC) meeting, rate hike decision
Meanwhile, the European Central Bank’s (ECB) interest rate decision will be revealed tomorrow. Expectations are for a 75 basis point rate hike.
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