Credible Crypto, a popular pseudonymous crypto analyst and trader, has predicted that the price of XRP is poised to explode once the lawsuit between Ripple, the US-based cross-border payment firm, and the United States Securities and Exchange Commission (SEC) is concluded.
In a recent interview with Thinking Crypto, the closely followed analyst pointed out that XRP’s technical indicators are currently suggesting more bearish action, but there are big fundamental reasons to resolutely hold XRP.
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According to the trader, the ongoing lawsuit between Ripple and the SEC could eventually provide regulatory clarity for the digital token XRP, which is relatively bullish for the embattled digital asset.
He added that it may be too late for anyone waiting to hear the outcome of the case before buying XRP.
Credible Crypto noted:
“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.
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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…
“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…
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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.”
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