A former Goldman Sachs executive and macro expert, Raoul Pal, is expressing bullish sentiment toward XRP, in an Ask Me Anything video. Pal believes that XRP already has utility and is being used as a money transfer currency.
The low risk of XRP price
Pal also stated that Ripple, the San Francisco-based cross-border payment company, has a high likelihood of seeing its price appreciate when the ongoing lawsuit filed by the Securities and Exchange Commission (SEC) is resolved.
Additionally, the macro guru believes the risk of XRP crashing is substantially lower in case Ripple’s case doesn’t succeed.
“I’ve said this a gazillion times, XRP has a real use case. It is being used as a protocol…I think there’s a gap risk higher if they get the ruling. There’s no gap risk lower as much. There should be some speculation,” he said.
“But it’s being used and a chain that’s being used for money transmission is a chain that has Metcalfe’s Law. So I have no issue with it. I own a small part,” he added.
At the time of writing, XRP is changing hands for $0.382 according to CoinMarketCap.
The recent development on Ripple vs SEC case
As a result of a federal judge allowing more than 10 independent parties to write amici briefs regarding the US Securities and Exchange Commission, Ripple’s (XRP) price has been on the rise recently.
There has been increased support for Ripple Labs among heavy hitters in the crypto industry, including Coinbase and the Blockchain Association.
There are also several entities that support Ripple, such as Investor Choice Advocates Network, SpendTheBits and the Crypto Council for Innovation and XRP decentralized community.
It is estimated that 12 independent companies will provide legal support to Ripple in total.