Cryptocurrency analyst Austin Arnold of Altcoin Daily has advised investors to avoid buying XRP until there is clarity on the ongoing SEC lawsuit. Despite XRP’s potential, the lawsuit remains a major concern for investors. This warning comes as the cryptocurrency market continues to show signs of a strong incoming bullish run.
XRP Chart Analysis
Austin, a long-time skeptic of XRP, has focused on chart analysis to make his assessment. He acknowledges that XRP has spent about a year ranging between $0.33 and $0.50, which has been an accumulation of supply. However, he notes that recent weeks have seen a shift, with XRP breaking above 55 cents and closing with a strong candle last week.
Positive Outlook for XRP
Austin says that if XRP can break past last week’s highs, there’s not much in the way for the remittance coin until it reaches $0.85 or even a dollar. He suggests that the market may be reacting in anticipation of a favorable outcome for XRP’s Ripple in the lawsuit. However, until there is clarity on the lawsuit, Austin advises investors to hold off on buying XRP.
Also Read: XRP Price Set to Explode: Historic Trends Point to Massive Surge in April – Coinpedia Fintech News
How Is The Ripple V Sec Lawsuit Impacting XRP?
The ongoing Ripple v SEC lawsuit has been a major factor in XRP’s price movement. The SEC filed the lawsuit against Ripple Labs in December 2020, accusing the company and its executives of raising $1.3 billion through the sale of XRP in unregistered securities offerings. Since then, XRP’s price has been on a rollercoaster ride, with its value rising and falling based on developments in the lawsuit.
XRP: An Investor Favorite?
However, interestingly, ever since the cryptocurrency market came out of the long-running bear market of 2022, XRP has been holding on quite nicely even while Bitcoin and Ether fell due to industry occurrences. The behavior of the Ripple-issued token has impressed several experts and critics alike. At press time, XRP was trading at $0.51.
This Might Interest You: XRP Is A Must-Have In Your Portfolio: Says Popular Youtuber Ben Armstrong – Coinpedia Fintech News
So, are you planning to hold on to your XRP or will you sell?
The post appeared first on Coinpedia
