As the legal tussle between Ripple and the U.S. SEC draws to a close, market watchers are closely monitoring the situation and making predictions about how the broader crypto market will respond to the final verdict.
Tree of Alpha’s views on the ongoing legal battle
Tree of Alpha, a renowned crypto trader, recently shared its perspective on the ongoing issue. The pseudonymous engineer believes that the most positive news for any crypto investor would be a report detailing a favorable outcome for Ripple in its legal battle against the U.S. SEC. “If we get a headline that XRP in its current form is not a security, we’ll likely be sending it and the rest of the top 300 to Valhalla,” he added. This suggests that the designation of XRP as a non-security could potentially trigger a widespread rally for the crypto market’s leading assets.
Explaining the rationale behind this view, Tree of Alpha asserted that a verdict in favor of Ripple would discourage the U.S. SEC from pursuing legal action against other crypto companies or assets in the future. The trader cited the regulatory agency’s track record of enforcing actions against digital assets and attempting to classify most tokens as securities under its jurisdiction. The SEC’s recent crackdown on digital assets has become increasingly widespread, with the agency’s chairman, Gary Gensler, suggesting that cryptocurrencies using the proof-of-stake consensus mechanism should be classified as securities and subject to SEC regulation. Notably, a ruling against the agency in the ongoing Ripple case would dissuade future lawsuits.
Influential Figures’ Sentiments on the XRP Classification
These sentiments are shared by several influential figures within the cryptocurrency community, including Ben Armstrong, commonly known as BitBoy. BitBoy has been vocal in promoting this viewpoint, emphasizing XRP’s potential for growth in the upcoming market-wide bull run. Last week, BitBoy disclosed that he believes XRP will stand tall as the best-performing asset in the next bull run if the Ripple vs. SEC case ends with a favorable ruling or a settlement with terms that declare that XRP is not a security. Moreover, Dirk Schepens, founder of xSPECTAR, asserted that XRP is the only asset besides BTC capable of moving the crypto market. This assertion came on the heels of XRP’s latest rally.
Predictions on XRP’s Future Trajectory
The XRP market is currently experiencing its largest bear market rally in a while, and market analysts have been predicting its future trajectory based on new market conditions. Recently, crypto traders Dark Defender and Egrag Crypto made their respective predictions, suggesting that XRP could eventually reach a value of $10,000.
On Thursday, prominent XRP investor and crypto trader Mack Attack compiled these analyses and shared XRP’s projected values for the end of this year and beyond. Dark Defender analyzed XRP’s price movements from October 2016, when the asset faced a series of monthly declines. After reaching a low of $0.00500 in February 2017, XRP began a bull run and gained by 284%, 143%, and 374% in the following months, surging to a high of $0.3989 in May 2017. Dark Defender believes this pattern could repeat itself and lead to XRP rallying to $133 by the end of this year, a 24,778% increase from its current value of $0.5346.
Egrag, on the other hand, analyzed XRP’s price action from as far back as 2015, using his atlas line pattern, which has signaled major breakouts in the past. According to Egrag, XRP has hit the atlas line for the third time in 2023, which suggests that a major breakout is imminent. He also noted that XRP’s price has been forming a bullish pennant pattern, which is another bullish signal.
While these analyses provide some insight into XRP’s potential future price movements, it’s important to keep in mind that cryptocurrency prices are highly volatile and unpredictable. It’s always a good idea to do your own research and consult with a financial advisor before making any investment decisions.
Overall, it’s clear that there are mixed opinions about XRP’s future price movements. Some experts are bullish on the cryptocurrency due to its potential use cases and the ongoing legal case against the SEC, while others are more cautious due to the volatility of the crypto market and XRP’s past legal troubles. Ultimately, only time will tell how XRP will perform in the coming months and years.