Credible Crypto Projects XRP Rally As Soon As The SEC Lawsuit Is Over
According to a top crypto analyst, known as Credible Crypto, XRP is set to go parabolic as soon as the lawsuit between Ripple Labs and the U.S. SEC comes to an end. However, more downside is possible before then, he warns.
The analyst spoke with Thinking Crypto’s Tony Edward, and shared his view on XRP’s technicals, saying that right now it seems that more downside is expected.
“XRP is one that doesn’t look that great right now… I think that we’re probably going to go for these lows here [$0.50] and push into… this weekly level of demand that we have here. Again, this level is significant because from this level we saw a major move to the upside after what was essentially about six months of consolidation.
So the origin of the point at which this consolidation starts to break whether that be the upside or the downside, typically then acts as support or resistance when it’s revisited. So just from a high timeframe perspective, you can expect that this region in general, and the tighter we get here, this general region is going to act as support as we’ve seen it act in the past.”
According to the crypto analyst, despite the short-term bearish outlook, there are big fundamental reasons to hold XRP for the longer term.
One example is the lawsuit between Ripple Labs and the United States Exchange and Securities Commission (SEC), which has been on-going since December of 2020. The SEC claims that XRP was sold as an unregistered security, while Ripple has asked for regulatory clarity on definitions saying that several other projects are very similar, and they are being targeted unjustly.
“The reason why I still hold such a massive amount of XRP despite the sluggish price action is that I now kind of see it as a hedge against the rest of the market. If this SEC lawsuit ends – and I think it will, I don’t know when – but I think it will end ultimately favorably for Ripple and XRP and when it does end, XRP will essentially be the only crypto asset with regulatory clarity in the United States…
When the case does get settled, you can expect XRP’s price to absolutely pop. So if you’re waiting to hear the outcome of the case to jump in, you’re going to be too late. So you’re placing your bets right now and if your bet pays off and XRP wins, XRP is going to rocket, and then everything else is at the mercy of the SEC, and we don’t know what’s going to happen.”
