- The analyst remains bullish with XRP, pins firm belief of the coin going 10X this cycle.
- The SEC has left XRP and its holders in losses that cannot be compensated.
The legal tussle between the U.S SEC and Ripple has caused extreme distress to the platform and to the holders. The delay in settlement of the case is only burgeoning the burden. Several XRP holders have lost faith in the governing body, and have been waiting for clarification over their holdings.
However, sections of holders still have high hopes for the protocol. Owing to its strong fundamentals and the perks that follow. Traders have a firm belief, that the coin could initiate a massive rally following the settlement of the case. Setting targets as high as 10X from the current price.
Did SEC Backstab XRP?
Crypto proponent brings to notice, how XRP is getting minimal media coverage. And initiatives from the government in support of the crypto asset. Prior to the filing of the case, XRP has been running at the forefront with its strong protocol. Offering faster transaction speeds, and lower transaction charges.
Seasoned traders are aware of XRP’s price movements being in line with that of star crypto’s price. In 2017, XRP had flipped Ethereum not once but twice. With the market cap of XRP soaring higher than that of the latter. It is the only altcoin that was capable of doing what no crypto could have done or has done.
XRP has seen prices soaring to highs of around 7,000% during bull runs. Which did influx a majority of investors to flock in. However, in late December 2020, while the entire market cap of altcoins went on a meteoric rise to over 3200%. XRP was not allowed to board the bull run, as a consequence of the lawsuit.
The suppression by the legal filing led to the digital asset plummeting ~70%. And losing out on pace with other coins. The crypto proponent believes the price would be $10 if the lawsuit was not filed. Over 50,000 people have joined the court in support of Ripple.
Can XRP Price Moon Despite the Shortcomings?
The digital asset is trading at $1.2 gaining 1.9% from the previous day. While the market cap is around $56,970,616,540, the 24-hours trading volume floats around $7,052,336,269. The altcoin has surged over 21% in a week. The statistics of the digital coin are from press time.
XRP has been trying to withstand turbulence for close to a year. Crypto proponent enlightens key resistance considered by analysts, which is around $1.5 and $1.6. Post resistance level, the coin could fly to higher levels. On the downside, it could be invalid if the digital asset plummets.
On the other hand, Popular crypto proponent still believes XRP to go $10 to $20 this bull run. Similarly, XRP bulls hold faith in crypto and are expecting a massive breakout soon. And a price discovery in the foreseen future. Collectively, with the settlement of the tussle, we can expect exponential returns from the digital asset.