Analysts Make Bullish Call For Grayscale To List Chainlink Following XRP’s Removal
While the XRP community ponders on what the future holds for the cryptocurrency which has now been wiped out from a handful of exchanges and investment platforms like Grayscale, a substantial part of crypto-twitter is already clamoring for the replacement of XRP with Chainlink (LINK).
“It’s a great time for Grayscale to add Link to their holdings” tweeted one trader. Another user is quoted saying “Now that Grayscale has removed XRP I think it’s only right that they list Link”. This general sentiment shared among some crypto-users could result in sending LINK to new highs should Grayscale follow through.
Another popular Ethereum supporter extended praise to Gemini exchange instead, for maintaining prudence as it didn’t list XRP and EOS. In his words; “I think Gemini deserves more praise for the prudency behind which assets it lists. Gemini never listed XRP, EOS, or any other dubious asset that could potentially harm the uninformed investor All assets on Gemini are totally legit IMO, which is hard to come by! Props, Gemini!”
While some fear that LINK may face the same fate if listed on Grayscale, the inclusion of Chainlink to a leading investment platform could potentially send LINK to new highs as this will open its doors to thousands of investors, as it did for Bitcoin (BTC) and Ethereum (ETH). Some users argue that Chainlink is yet to qualify for a Grayscale listing, but with investment interest surging and with LINK being termed as one of DeFi’s most disruptive tokens, Chainlink could gain way more recognition with time.
Chainlink being one of the most talked-about cryptocurrencies was a market favorite in 2020. Although market enthusiasm took a back seat as the DeFi hype lessened, LINK is still one of the most sought after DeFi token.
The last 48 hours saw Chainlink make an impressive 25% upsurge that kept it above $15. The charts signaled that Chainlink could face possible resistance at $16 after the bulls broke the major bearish trend at $12.50. At press time price, LINK trades at $16.16 and has been up by 38% within the last 7 days.
Although LINK has been on a parabolic bullish rise these past few weeks, the market trends still suggest that it could potentially trade sideways. Regardless, analysts are yet to make a backpedal on their $20 prediction for the year. With demand for DeFi staying afloat, there’s no telling how far Chainlink and its counterparts can go.