加密市場對改變監管潮汐的反應充其量是不平衡的

儘管更廣泛的市場在更廣泛的市場之後，更廣泛的市場卻是緩慢的，但XRP的拉力賽脫穎而出。據Bitwise Management首席投資官Matt Hougan稱

In the constantly shifting landscape of cryptocurrency, tokens react to regulatory news in varying degrees. But if there’s one token that seems to have emerged as a clear winner post-election with a more pro-crypto SEC, it’s Ripple's XRP.

在加密貨幣的不斷變化的景觀中，令牌在不同程度上對監管新聞做出反應。但是，如果有一個代幣與更加親切的SEC一起成為選舉後的明顯贏家，那就是Ripple的XRP。

While the broader crypto market has been slow to reprice in the wake of a more pro-crypto SEC and Elon Musk’s return to X, the lack of any major regulatory surprises has left crypto in a holding pattern. But not XRP. The token has seen strong gains since December, and according to Bitwise Asset Management Chief Investment Officer Matt Hougan, there’s a simple reason for that.

儘管更廣泛的加密貨幣市場在更加親密的SEC和埃隆·馬斯克（Elon Musk）返回X之後，重複性速度很慢，但缺乏任何重大的監管驚喜已經使加密貨幣的持有模式留下了。但不是XRP。自12月以來，該令牌已經取得了很大的收益，根據Bitwise Management首席投資官Matt Hougan的說法，這是一個簡單的原因。

“The bet you’re making on XRP, it’s a B2B-oriented chain, and they were simply unable to execute on that strategy with the sort of the SEC on top of them,” Hougan explained. Unlike Ethereum or Solana, which continued to develop and expand within the crypto-native world, XRP’s growth was stunted by regulatory overhang.

Hougan解釋說：“您在XRP上做出的賭注是一條面向B2B的連鎖店，他們根本無法使用SEC上的SEC執行該策略。”與以太坊或索拉納（Ethereum）或索拉納（Ethereum）或索拉納（Solana）在加密本地世界內不斷發展和擴展不同，XRP的增長受到監管懸垂性的阻礙。

“Other assets like Ethereum, Solana, etc. had more crypto-native use, and so they were able to grow even with that regulatory uncertainty.”

“其他資產，例如以太坊，Solana等，都有更多的加密本地用途，因此即使有這種調節性不確定性，它們也能夠成長。”

The legal battle put the token’s entire business model on pause for years. Now, with those shackles removed, Hougan sees the market taking stock of the newfound opportunity.

法律鬥爭使代幣的整個業務模式多年了。現在，隨著這些束縛的去除，霍根看到市場佔有新發現的機會。

“They were unable to execute on their core business strategy in any way, shape or form for four years. So when you release that and they’re now able to do that, I understand why it’s rallied.”

“他們無法以任何方式，形狀或形式執行其核心業務策略。

That's not to say a rally equals victory. Hougan was quick to temper expectations, adding that regulatory clarity is only step one.

這並不是說集會等於勝利。霍根（Hougan）迅速發揮了質量的期望，並補充說，監管清晰度只是第一步。

“It’s important to note it doesn’t mean they’ve won by any sense. They still have to prove themselves in the market, but at least now they have the chance. And so I think that’s why they’ve done so well.”

“重要的是要注意，這並不意味著他們在任何意義上都贏得了勝利。他們仍然必須證明自己在市場上，但至少現在他們有機會。所以我認為這就是為什麼他們做得如此出色的原因。”

More broadly, Hougan believes the entire crypto space is overdue for a reevaluation given the shift in regulatory tone.

更廣泛地說，霍根（Hougan）認為，鑑於監管語調的變化，整個加密貨幣空間都過期重新評估。

“The entire space, you know, in my view, should be revalued and reconsidered in this new regulatory era. And I’m quite frankly surprised it hasn’t happened yet in the market. I think it will happen.”

“我認為，在這個新的監管時代，整個空間應該重新評估和重新考慮。

If he’s right, XRP may not be the only token that benefits from a more favorable SEC. But for now, the market seems to be taking a cautious approach.

如果他是對的，則XRP可能不是從更有利的SEC中受益的唯一獎勵。但是就目前而言，市場似乎正在採取謹慎的態度。

“They’re all better off today than they were six months ago. And, you know, my base view is that the market doesn’t understand how challenging it was six months ago. And so they don’t appreciate, uh, sort of the wide open pasture that exists today.”

“今天的情況比六個月前要好。