An analyst who gained fame by buying Bitcoin (BTC) at its lowest point last year turned the crypto fall into an opportunity and turned to a popular altcoin.
The analyst, known in the crypto markets by the nickname DonAlt, said he added more XRP to his portfolio as the crypto markets retreated. told.
The analyst stated that he started accumulating XRP at an average of $ 0.37 and aimed at $ 1. The sixth largest crypto asset is trading at $0.39 at press time. This shows that there can be a 156% increase towards the analyst’s target.
This prediction of the analyst came as the XRP case was drawing to a close. According to attorney John Deaton, who represents the XRP community as amicus, the judge handling the case can issue a summary decision at any time.
In a recent development, judge Analisa Torres issued a 57-page ruling on the SEC and Ripple’s proposals to exclude expert testimony from the summary judgment. Accordingly, the judge partially accepted Ripple’s request for the SEC’s Expert No. 1 to be removed and rejected the expert’s opinion. According to Deaton, the expert was forming various perceptions towards XRP. According to Deaton, this development is an indication that the XRP community is making a difference.
The outcome of the tough litigation the SEC initiated in December 2020 will likely have major ramifications on the price of XRP and the future of cryptocurrency in general. The SEC claims that Ripple has been selling XRP as an unregistered security for years. In court, Ripple’s legal team also argues that the SEC did not give Ripple a fair notice of its concerns regarding the altcoin.
They also say that the utility, liquidity and distribution of XRP makes the asset completely incompatible with securities regulations. In addition, the company argues that the decision to treat XRP as a security will directly undermine the crypto asset’s main raison d’etre.
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