Is XRP Having a Dogecoin-Like Moment with Ripple CEO Brad Garlinghouse's Upcoming CBS Appearance?

In May 2021, Tesla CEO Elon Musk hosted Saturday Night Live. While many viewers watched for entertainment, the crypto community was particularly attentive, especially fans of the meme cryptocurrency Dogecoin (DOGE -4.07%). Musk had tweeted about Dogecoin back in 2019 and later mentioned owning it among other cryptocurrencies.

This led to a massive surge in Dogecoin's price, which skyrocketed by an astonishing 5,890% during the first half of 2021. Fast forward to now, with XRP (XRP -5.72%) experiencing a price increase of over 400% since Election Day, many are wondering if the token is gearing up for a similar moment, especially with Ripple Labs' CEO Brad Garlinghouse set to appear on CBS' 60 Minutes.

Preparing for CBS' "60 Minutes" Feature

Few cryptocurrencies have gained as much traction from a political event as XRP did with Donald Trump's victory. In 2020, Ripple Labs, along with Garlinghouse and co-founder Christian Larsen, was hit with a lawsuit from the Securities and Exchange Commission (SEC), alleging that XRP had been sold illegally as an unregistered security since 2013. This case attracted significant attention as it has the potential to shape future regulatory actions concerning cryptocurrencies.

A ruling initially favored Ripple; however, the SEC subsequently appealed parts of that decision. Interestingly, SEC Chair Gary Gensler, who has led several crypto-related initiatives, announced plans to resign when Trump assumed office, which could expedite the resolution of this ongoing legal dispute.

Following Trump's win, media stories surfaced about a meeting between him and Garlinghouse, further boosting XRP's value. Most recently, Garlinghouse tweeted on November 25 that he appeared in an interview for an upcoming episode of CBS' 60 Minutes, which will cover various cryptocurrency-related topics. Although many anticipated the episode would air on December 1, it did not happen. Nonetheless, XRP's price increased by approximately 39% between November 27 and December 1.

By December 2, XRP's price had already surged by over 63%, and by December 3, it increased by more than 93% since November 27. A portion of this gain may be attributed to the buzz surrounding the anticipated 60 Minutes interview.

Meme cryptocurrencies like Dogecoin often thrive on significant public exposure that drives organic marketing. For instance, Dogecoin's value typically rises after tweets from Musk, who has a following of over 206 million. 60 Minutes, being CBS's most popular non-sports program on Sundays, attracts more than 10 million viewers, raising hopes that such exposure will invite new buyers and propel XRP's price upward.

Comparing XRP and Dogecoin

The air date for Garlinghouse's interview is still awaited. It will be intriguing to observe how XRP's price will fluctuate once the episode is scheduled. There's a possibility for a sell-the-news scenario, reminiscent of what happened with Dogecoin.

However, it's worth noting that XRP holds more legitimate use cases than Dogecoin. Despite recent gains, XRP has underperformed in comparison to Dogecoin over the past five years. The ongoing SEC lawsuit has acted as a weight on XRP's performance, but it has greater potential for practical applications, particularly in cross-border payments. Furthermore, XRP has a capped supply, offering a better safeguard against inflation. The future also holds prospects for an XRP exchange-traded fund (ETF), which could enhance visibility and investment in the token.

While predicting the duration of the current crypto rally poses a challenge, given the lack of intrinsic value in cryptocurrencies and the difficulty in gauging market sentiment, XRP appears to have considerable room for growth, especially considering its lagging performance in recent years. As trading can be highly volatile, prospective investors should only commit what they can afford to lose.

Bram Berkowitz has positions in XRP. The Motley Fool has positions in and recommends Tesla and XRP. The Motley Fool has a disclosure policy.

XRP, Dogecoin, Garlinghouse