A closely-followed crypto analyst said that XRP will explode once the lawsuit between Ripple Labs and the US Securities and Exchange Commission is settled, but further declines may be possible for the popular altcoin before that happens.
The analyst, known by the alias Credible Crypto, said in an interview with Thinking Crypto that XRP techniques are currently showing additional bearish movements in price.
“XRP isn’t looking that great right now… I think we’re probably going to hit the lows here ($0.50) and enter the weekly demand level we have here. This level is important because after a six-month consolidation period in the past, we have seen a significant upward price movement from here.
So the origin of the point where this consolidation starts to break, whether up or down, often acts as support or resistance when revisited. Consequently, only from a long-term perspective, [altcoin] As you get closer to this region, you can generally expect this region to act as support as we have seen in the past.”
XRP price will explode after the lawsuit!
Despite the continued downward price action in the cryptocurrency before the weekend rally, Credible Crypto says there are some big and fundamental reasons to hold on to XRP. According to the crypto analyst, the lawsuit filed between Ripple Labs and the SEC in December 2020 over allegations that XRP was being sold as an unregistered security could ultimately provide regulatory clarity for the token as the rest of the space remains in limbo.
“The reason I still hold such a large amount of XRP despite the low price action is that I no longer see it as a kind of hedge against the rest of the market. If this SEC lawsuit ends – and I think it will, I just don’t know when – I think it will ultimately end positively for Ripple and XRP. And once the lawsuit is over, XRP will essentially be the only crypto asset in the United States with regulatory clarity…
Once the case is settled, you can be sure that the price of XRP will definitely explode. Therefore, [bu altcoin’e] If you wait to hear the outcome of the case before investing, it will be too late. So you are placing your bets now and if your bet pays off and XRP wins, XRP will skyrocket and then everything else (altcoins) will be at the mercy of the SEC, then we have no idea what will happen.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.