Cantering Clark, a popular analyst and trader, has recently updated his outlook on XRP, the embattled digital currency that is closer to knowing its security status in the long-standing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
According to the analyst in a tweet shared with his teeming followers on the 14th of March 2023, XRP is likely to experience a notable surge if the ongoing lawsuit ends in favor of Ripple, the San Francisco-based cross-border payment firm.
Read Also: Ripple CTO Weighs in on Increasing Fees on XRP Ledger to Boost XRP Price
It can be recalled that the SEC filed a lawsuit against Ripple in December 2020, alleging that it was selling XRP as an unregistered security. Some expect a summary judgment in the matter at any moment now.
Cantering Clark tweeted, “The crazy thing is, if XRP wins the lawsuit it probably puts in a decent pump, but in that time being you had multiple alt cycles that put in returns that were magnitudes greater. Opportunity cost is high with that one.”
At the time of filing this report, XRP is trading at $0.3609, with a 3.47% price downtrend in the last 24 hours.
The trader also noted that XRP’s price action in 2023 has remained mostly flat, even as Bitcoin (BTC) just went on a huge rally.
“XRP is basically flat on the year. Even Bitcoin is outperforming it.”
Read Also: Top Crypto Analyst Predicts the Start Date of XRP Price Bull Run
Cantering Clark also issues a warning to Bitcoin investors, saying the latest price action is likely a bull trap above the $25,000 level due to a continued liquidity shortage in the financial markets and US banking troubles.
“In all honesty, absent the hopium that feels good for a minute when Bitcoin is going up… Treasury and SPX liquidity is absent top of book. And now with banking having trouble, this market seems like a complex machine that just lost a bolt.
“Bitcoin looks like a high volume trap above $25,000. I’ll be defensive and play the short side as long as we are not putting in constructive price action and flow above $25,000.”
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