Famous crypto analyst Crypto Eri reevaluates Ripple’s IPO prospects. In a recent tweet analyst pseudonymously named Crypto analyst Crypto Eri stated that Ripple’s plan to go public might face delay because of the market-wide downturn.
Crypto Eri bases her analysis on a statement by the Director of FinTech Investment Banking at Rosenblatt Securities, Dushyant Shahrawat. Shahrawat was recently quoted saying the companies are, at the moment, moving cautiously as the downturn in the financial market has affected companies’ valuations adversely, causing them to put their respective IPO plans on halt, at least in the short-term.
“That time frame (to IPO) got pushed back
a little bit, quite a bit”
Dyshyant Shahrawat, previously with Fidelity, Tower… pic.twitter.com/kfGdHh5uen
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) November 24, 2023
According to Shahrawat, the contemporaneous market conditions are affecting companies of all sizes, from small-sized firms to large unicorns. Shahrawat particularly shed light on the IPO prospects of Ripple and Circle; the blockchain firm behind the dollar-pegged stablecoin, USD Coin, or USDC for short. Notably, a report recently surfaced on the internet indicating that Circle might be planning an IPO for the near future.
Considering the ongoing downturn in financial markets and the effect it is having on blockchain firms it has become rather clear that the crypto market is not immune to general market movement/sentiment.
As for Ripple, specifically, the firm is moving forward with an elaborate vision irrespective of prevailing market conditions. Over the past couple of years, Ripple has succeded in developing products that serve a broad customer base. It is crucial for a blockchain firm to grow that its products have real-life use cases.
In the meanwhile, Ripple has also had a few long-lasting court decisions issued in its favor, giving the firm a nearly unparalleled validation. In a summary judgment, the New York District Court Judge Analilssa Torres declared that Ripple’s native XRP can not be considered a security asset in its nature.