Per multiple discoveries and declarations, bullish sentiments continue to abound for XRP despite the overall bearish market outlook.
In a new update, a renowned Bitcoin trader with the pseudonym Elite Crypto recently took to the X app to share a bullish XRP sentiment.
Elite Crypto noted that he leveraged the declines in XRP prices during the protracted lawsuit that ensued between Ripple and the United States Securities and Exchange Commission (SEC) to accumulate a substantial amount of XRP.
Read Also: Jeremy Hogan to Ex-SEC Official: XRP Price is Influenced By The SEC, Not Ripple
Elite Crypto remarked, “I’m holding a bag of XRP in my portfolio, and I have kept buying during the dumps due to SEC cases.”
Major Reason For XRP Dumps
Elite Crypto seemed particularly concerned about the increase in the XRP dumping rate among the coin holders. Per Elite Crypto, the lawsuits were not the main reason why most investors appear to sell off their XRP holdings.
He noted the fact that Ripple seems to have a substantial amount of XRP in its possession might be the main reason for the rising XRP dump rate. By owning most XRP coins, the XRP ecosystem appears to tend toward being centralized.
Notably, Ripple unlocks and locks a considerable amount of XRP located in the escrow on every first day of the month.
I'm holding a bag of #XRP in my portfolio and I have kept buying during the dumps due to SEC cases. At first, there was this major drawback with them and still is, i.e. the large number of tokens held by #Ripple labs itself which makes it more like centralised.
— Elite Crypto (@TheEliteCrypto) August 30, 2023
But, I always… pic.twitter.com/oFyciQNnpk
Elite Crypto Speaks On Potential Impact Of Ripple’s Outing In The Court Of Law
Elite Crypto singled out Ripple’s persistence to fight for what it stands for in the court of law. The Bitcoin enthusiast maintained that the outcome of the protracted lawsuit had undoubtedly influenced the cross-border payment firm’s business expansion.
Elite Crypto remarked, “But, I always loved how they kept defending with these lawsuits on their heads, which also impacted their development very hard.”
In addition, the Bitcoin trader said Ripple has built a robust name for itself among its peers, and this has indeed stationed XRP in a good market position for potential price ascents.
Read Also: Forbes: China Just Made a Notable Game-Changing Move That Could Impact XRP Price
According to the trader, XRP’s improved market outlook and presence were evidenced in the digital assets’ increasing trading volume and adoption. “Now I’m pretty sure that they have built the brand well, a good number of trade vols, attracting investors from different places,” the trader stated.
The commendable growth highlighted above could be why Elite Crypto seemed confident about an impending rally for XRP. He noted that should the lawsuit saga be concluded once and for all, then anticipating a moon potential will not be out of place.
Elite Crypto stated, “Moon potential if they end this lawsuit banter once and for all.” Recall that both Ripple and the SEC have submitted their blackout dates for the remaining trial as ordered by the court.
XRP Soars In Number Of Daily Transactions
Looking at the chart attached to Elite Crypto’s tweet, about $259.63 million worth of XRP was traded within 24-hour intervals on the Binance exchange.
Meanwhile, at the time of writing, XRP’s price, according to CoinGecko is $0.5 with a 24-hour trading volume of $1,090,834,805.
Follow us on Twitter, Facebook, Telegram, and Google News
