XRP has experienced a significant price increase in the past week, drawing the attention of prominent figures like Moon Lambo (@MoonLamboio), who has been constantly supporting XRP. At press time, XRP traded at $0.6146, reflecting a rise of 15.02% in the last 24 hours and a substantial 40.58% increase over the past week.
This bullish trend began around the anniversary of the pivotal ruling in the legal battle with the U.S. Securities and Exchange Commission (SEC). In July 2023, the court ruled that XRP is not a security, boosting investor confidence, and a massive rally to $0.93.
Skepticism Among XRP Investors
In a recent post, Moon Lambo pointed to the correlation between XRP’s rise and the broader market uptick in small-cap stocks. He argues that if this trend continues, XRP could be poised for price discovery, potentially reaching a new all-time high. However, the optimism is not universally shared.
Moon Lambo noted:
“That “dead” $XRP coin that “should never be in your portfolio” is now back to $0.60. That’s a 38% increase in 7 days!!
“All this happening as small cap stocks take off. That’s a *very* significant correlation. It’s very reasonable to believe we’ll likely be seeing a new all time high for $XRP and price discovery if things keep going this way.
“Remember: when it happens, it happens FAST. And all of the price action that precedes such a move… all the ranging, the crashes, etc., won’t matter at all.”
Despite the impressive gains, a segment of the XRP community remains cautious. One user expressed skepticism about the possibility of XRP exceeding $3. Another seemed to take a wait-and-see approach, suggesting he would become more invested when XRP reaches higher prices around $1.50 or $2.50.
It is worth noting that $0.6 represents a critical resistance level for XRP, a level it hasn’t breached since a price crash in mid-April. Overcoming this hurdle could be a significant indicator of future price movement. However, not everyone sees it this way, as one user called the $0.6 level meaningless.
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Will the XRP Rally Continue?
Although many are confident in a bullish future for XRP, the ongoing lawsuit could turn things around quickly. While the July 2023 ruling was a positive step for Ripple, the lawsuit’s outcome remains uncertain.
An ex-Ripple director recently weighed in on XRP’s future after the lawsuit, stating that XRP might not rise significantly until the lawsuit ends, but this bullish future will not come if the court rules in favor of the SEC.
However, XRP’s recent price surge offers hope for investors. There are many reasons to be bullish on XRP. As Moon Lambo pointed out, when an XRP surge happens, it happens fast. XRP often surprises investors, and all the uncertainty beforehand won’t matter when the rally begins. Only time will tell if this rally marks a sustained upward trend or a temporary blip in XRP’s price history.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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