Zach Rector (@ZachRector7), a well-respected figure in the crypto world, recently weighed in on XRP’s performance, pointing to this stability as evidence of the digital asset’s strengthening market position.
Despite the worrying situation the appeal by the U.S. Securities and Exchange Commission (SEC) put the digital asset in, it has refused to stay subdued, remaining stable despite the turbulence. As a result, Rector declared that the XRP suppression is over.
The digital asset maintains its valuation near $0.54, exhibiting minimal volatility. This price stability represents a notable departure from previous patterns, where major developments in the lawsuit crypto regulation would trigger substantial market reactions.
Analysis of Historical Price Responses
The contrast between current and historical price movements is particularly noteworthy. When examining previous regulatory interventions, the market response was significantly more severe. During December 2020, the initial price stood at $0.5678 on the twentieth of the month.
Within three days, the value had plummeted by 61%, reaching $0.2214. The decline continued through the end of December, ultimately settling at $0.1748, marking a total decrease of 70%. This dramatic fall was further intensified by widespread exchange delistings during that period.
In comparison, recent market responses have been considerably more measured. The price began at $0.6058 on October 2 when the SEC filed its notice of appeal, experiencing only a moderate decline to $0.5101 by October 3. By October 4, the market had shown signs of stabilization and recovery. At press time, XRP traded at $0.5421, with a modest 1.07% decline over the past day.
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XRP Will Join the 2024 Bull Run
According to Rector, the digital asset’s price resilience suggests a fundamental shift in market dynamics. He believes there is no reason why XRP won’t participate in the current bull run.
EGRAG CRYPTO (@egragcrypto), one of the top crypto analysts on X, recently predicted that the worst-case scenario for XRP could send it to $6. However, Rector and other experts believe the digital asset can fully partake in the bull run, potentially reaching higher targets.
Another major positive point for the digital asset is the SEC’s refusal to challenge its status as a security. Ripple Chief Legal Officer (CLO) Stuart Alderoty stated that XRP’s inherent security status is the law of the land, and this legal clarity provides a more stable foundation for significant growth.
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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