If you’ve been looking out for a profitable investment, a recent analysis suggests that XRP could be the answer. Despite ongoing consolidation and bearish sentiment, XRP has been one of the top-performing crypto assets with an impressive 37% increase in the past month. Don’t be fooled by the current consolidation, as experts suggest that XRP may be on the verge of a major rally. However, bearish reports surrounding XRP have dampened bullish sentiment.
Analyst Encourages Focus on Technical Analysis
Well-known crypto chartist JD advises investors to ignore these bearish reports, suggesting instead that XRP may be on the cusp of a significant breakout. JD acknowledges the need to evaluate XRP’s weekly close to verify his recent forecast, remarking, “Stop listening to irrelevant news that does nothing but REKT people.. and pay attention to the TA.” Bearish sentiments have brewed of late, due to Ripple’s exclusion of XRP from its Liquidity Hub solution.
Market-Wide Rally Around The Corner
Experts assert that XRP’s classification as a non-security could potentially spark a market-wide rally. 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, a renowned crypto trader, recently shared their perspective on the ongoing issue, suggesting that the most positive news for crypto investors would be a report detailing a favorable outcome for Ripple in its legal battle against the U.S. SEC.
Related: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?
According to Tree of Alpha, “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.” This implies that the designation of XRP as a non-security could potentially trigger a widespread rally for the crypto market’s leading assets.
The trader explains 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, citing the regulatory agency’s track record of enforcing actions against digital assets and attempting to classify most tokens as securities under its jurisdiction.
At the time of writing, XRP is currently worth $0.49.
