“Can 6 years of misery turn into 6 years of fortune real quick”? That’s the fate of XRP at present. Despite the buzz around the Ripple IPO and Settlement, XRP remains unmoved, leaving investors questioning its ability to break the pivotal $1 mark. Renowned crypto expert Panos Mekras challenges the common belief, suggesting that these highly anticipated events might not hold the perceived weight in influencing XRP’s trajectory as many expect.
Here’s Why XRP is More Than Just Ripple’s Settlement or IPO
XRP’s dominance has decreased due to price consolidation over the past 30 days, contrasting with Bitcoin’s 19% rally. Ether experienced a 15% increase during this period. Ripple faces uncertainty as traders await the SEC lawsuit, scheduled for trial in four months.
In a recent conversation with X user Jonny, Panos Mekras has chimed in that XRP’s fate may not be tightly tethered to the outcomes of Ripple’s settlement and IPO due to several reasons. Primarily, with XRP having been cleared of security categorization by regulatory bodies, its status and utility as a digital asset have somewhat detached from Ripple’s legal battles.
This change in classification offers a degree of insulation to XRP from the ongoing litigation Ripple faces. Although some are positive and excited, Panos’ reasons cannot be tossed out.
Mekras’ Contrarian Take on XRP
Furthermore, Mekras also dug into the fact that XRP has gone beyond Ripple’s ongoing legal battles. The ecosystem now boasts diverse projects, collaborations, and developments, such as the introduction of an Automated Market Maker (AMM), collaborations like Xahau with Evernode, the ongoing progress of an EVM sidechain, and the emergence of innovative applications on the XRPL platform. These independent strides within the broader XRP ecosystem showcase the potential for growth and innovation irrespective of Ripple’s legal hurdles.
Can XRP Break the Coveted $1 Mark?
Currently, XRP is facing hurdles around $0.62, struggling to sustain its climb, trading at $0.6115, down 1.63%. Analysts predict a possible 10% pullback to $0.55, citing XRP’s movement within an ascending channel. This channel’s mid-line rejection suggests a potential dip towards $0.55. The resistance zone and descent below the 50-day EMA indicate increased selling pressure, raising concerns among enthusiasts and traders about a possible shift in market sentiment. Monitoring these trends closely offers insights into XRP’s future movements.
Overall, Mekra’s insights are important because XRP’s path isn’t just dependent on how well Ripple’s court cases are settled or how well its IPO goes. Instead, he talks about how the XRP ecosystem is improving and strong, implying that it can continue to grow and maybe even thrive despite Ripple’s specific legal results.
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