Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions
The crypto community got a major surprise two years ago when a leading provider of crypto solutions for businesses was slapped with a lawsuit by the U.S. Securities and Exchange Commission.
Ripple was taken to court by the SEC, which sparked what has become the most closely watched legal showdown in the cryptocurrency industry.
The SEC’s lawsuit accusing Ripple of breaking securities laws has devolved into a lengthy legal dispute, with the future of cryptocurrency regulation potentially at risk.
The case, which was filed in December 2020, revolves around the Commission’s claim that Ripple refused to register approximately $1.4 billion worth of XRP, its native coin, as securities.
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Crypto Community Remains Upbeat About XRP
Despite the current Ripple legal dispute and unfavorable market conditions, the XRP community continues to be optimistic about the XRP price as this development unfolds.
Six months following the filing of the SEC’s litigation against Ripple and its executives, the price of XRP plummeted from $0.7 to $0.2. As the case progressed, though, the value of Ripple rose along with it.
Monday’s Coingecko stats show that XRP is trading at $0.327, a 1.5 percent increase over the previous week. The 24-hour trading volume for XRP is $1,116,622,856.
Can XRP Hit $35,000? Or, $50K Even?
Notable crypto industry figures, such as Valhil Capital CEO Jimmy Vallee, estimate that the price of XRP might hit $35,000. Others are of the opinion that the price may surpass $50,000.
The growth of XRPL use cases has also contributed to the excitement around XRP. Peersyst Technology has announced the creation of the first Colombian National Land Registry on the XRPL blockchain.
During the current bear market, XRP is one of the cryptocurrency investors are anticipating a robust run for.
As a result of the increased interest in Central Bank Digital Currency (CBDC), Ripple has prepared itself to be recognized through the private ledgers and inexpensive cross-border transfers it enables via its project Ripplenet, consequently boosting the price and sentiment of XRP.
In other developments, the largest bank in Morocco, Attijariwafa Bank, has partnered with the company to promote seamless XRP token payments for its customers.
XRP total market cap at $16 billion on the daily chart | Source: TradingView.com
Hold On Long Positions, Or Take Profits?
Meanwhile, interested parties can open long positions and anticipate that, if they are successful, the price of XRP will rise over $0.387 and sweep the liquidity first.
Market participants have two options when the first goal is hit: they may either stick onto their positions for the retest of the next level at $0.439 or book profits.
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XRP has recovered from the crisis in December 2020, and the long-term price forecast for this year is optimistic. This year, the cryptocurrency is likely to surpass its current all-time high of approximately $3.84, analysts say.
However, this will only occur if it overcomes the numerous psychological barriers it has erected over the years.
Featured image from The Positivity Blog, chart from TradingView.com
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