Peter Brandt, who was right in his previous predictions on Bitcoin (BTC), predicts a rise for the popular altcoin project XRP! Here are the details…
Bitcoin prophet Peter Brandt points to the rise for XRP!
Peter Brandt, one of the leading analysts in the cryptocurrency market, predicts that the popular altcoin project XRP can reach the minimum target of $ 3 with the formation of a rare bottom formation. Although Brandt is skeptical of altcoin projects, he added XRP to his watchlist due to the recent price action.
The popular analyst submitted a weekly report to the Chart Wizards community. In the report, Brant pointed to the rise of XRP by quoting:
It’s a really bad cryptocurrency project, I’d rather watch XRP fall for 5 years than hold it and that would be very profitable. But now, with the formation of a rare bottom pattern that could lead to significant gains, XRP seems to have great potential.
SEC lawsuit heading to conclusion: Why is XRP price soaring?
Popular altcoin XRP has gained more than 15 percent in the last seven days, reaching as high as $ 0.541199. This strong stance from XRP caught the attention of many investors, while the markets seemed prone to shaking. For the reason behind the rise, experts point to the XRP lawsuit with the SEC. As you know, XRP and SEC are a project that investors have been keeping an eye on for a long time because of the lawsuit between them. Although there is no winner in the lawsuit between XRP and SEC yet, many experts are positive and point to the rise.
As you may recall, the SEC accused Ripple of selling XRP, considering it an unregistered security. Ripple Labs President Monica Long said the implications of the case are far-reaching for the crypto industry because this decision will ultimately set a precedent for how the US government will look at classifying and regulating crypto assets.
Security concerns rise for XRP
Ripple CTO David Schwartz recently took to Twitter to address concerns about the security state of XRP. David explained that when the company gave up control over the XRP Ledger, XRP ceased to be a security and allowed others to maintain it.
The discussion mainly focuses on the degree of Ripple’s control over the XRP Ledger and the effects of that control on the digital asset’s classification as a security. In response, David stated that Ripple’s actions were for convenience, not necessity, emphasizing that there were no significant obstacles preventing others from owning the ledger. In any case, on-chain analysts suggest that XRP could drop in the coming days. Despite this, many investors are optimistic about the future of XRP, given the recent price action and the potential to make a positive decision in the infamous lawsuit.
XRP investors have made huge profits recently!
On the other hand, the popular altcoin of recent times, XRP, has risen by over 52 percent in the last 10 months and reached the level of $ 0.58. On the other hand, the price increase of XRP did not happen while Bitcoin reached the level of 28 thousand dollars, contrary to popular belief. On the contrary, XRP went up while Bitcoin was falling. However, XRP broke above the 200-week moving average for the first time. However, FOMO investors turned to XRP, opening short-term trades and making profits.
Santiment experts, on the other hand, pointed to a very critical point. Many investors have made very high profits in the XRP market. According to the rates of experts, XRP investors have the highest rate of profits since August 2021. According to Santiment, profit-making trades in XRP occur twice as often as loss-making trades.
Members of the community expect a positive result for the case, which accounts for the majority of its price performance. Therefore, if XRP wins the case, there may be great joy, as well as a great decrease in the scenario of XRP losing the case. Ripple has lost some of its customers, including Moneygram, to Stellar Lumens XLM. Ripple CEO Brad Garlinghouse has previously threatened to leave the US market if the SEC wins.
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