In October, XRP has experienced a significant downturn, dropping nearly 15%, largely attributed to the U.S. SEC’s appeal in the ongoing Ripple lawsuit. This has sparked a debate among analysts and investors alike. Some see this dip as a prime opportunity to buy, while others remain skeptical about the potential for an XRP rally. Dive into the analysis and decide for yourself!
Why An XRP Rally Might Be Imminent
Several analysts are optimistic about XRP’s future, pointing to historical price patterns and recent whale accumulation as indicators of a potential rally. Notably, Analyst CryptoBull has highlighted a compelling similarity between XRP’s current price behavior and its trajectory during the 2017 bull market.
Back in 2017, XRP demonstrated a pattern of consolidation within a symmetrical triangle before breaking out and skyrocketing by an astounding 66,240%, reaching an all-time high of $3.31. As of October 2024, XRP appears to be nearing the apex of a similar triangle formation on its monthly chart. Should history repeat itself, this could signal a breakout leading to substantial gains.
Will the SEC Pose a Challenge?
Despite these promising signs, the SEC’s recent appeal in the Ripple lawsuit presents a significant obstacle for XRP’s potential upward movement. This is especially true if the SEC succeeds in asserting that XRP’s secondary sales to retail investors breached U.S. securities laws.
Max Keiser’s Skepticism Towards XRP
In a recent post on X, noted Bitcoin maximalist Max Keiser dismissed the possibility of an XRP rally, expressing strong skepticism. Keiser, who has been advising El Salvador’s President Nayib Bukele on Bitcoin, has consistently been a vocal critic of altcoins, particularly targeting major ones like XRP, SOL, ADA, and ETH, labeling them centralized “s-coins.”
Keiser has echoed SEC Chairman Gary Gensler’s stance that many altcoins are unregistered securities, aligning with the agency’s legal actions against numerous crypto platforms in the U.S. Earlier in May, Keiser tweeted that XRP was designed “to steal billions from witless fools,” a reference to the ongoing SEC vs. Ripple case, active since December 2020.
His comments followed the SEC’s appeal against Judge Analisa Torres’s ruling in its lawsuit against Ripple. However, the SEC has yet to provide a comprehensive explanation for its decision to challenge the ruling.
Will XRP Break Out and Defy the Odds?
The future of XRP remains uncertain amidst these developments. While some analysts predict a significant rally, the SEC’s ongoing legal challenges pose a formidable hurdle. Investors and enthusiasts alike are left to ponder whether XRP will break out and defy the odds. Only time will reveal the outcome.
- Also Read:
- Ripple vs. SEC: New Appeal Seeks to Revisit Ripple Executives’ Dismissed Charges
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