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As XRP continues to melt the faces of haters and skeptics with its skyrocketing price action, many made a U-turn on this popular cryptocurrency and began to wonder what the prospects of this crypto market old-timer actually are. In one of these miracles, Raoul Pal gave his verdict on XRP, answering one of the followers' questions.
The trading expert revealed that his sentiment on the popular cryptocurrency is actually positive and that XRP "will do well."
He confirmed that he still holds some XRP tokens purchased back in 2020, when the asset first became the focus of legal scrutiny in the United States.
I sure it will do well. Still long some (small) from the delisting in 2020
— Raoul Pal (@RaoulGMI) November 22, 2024
XRP’s regulatory challenges stem from its association with Ripple, the San Francisco-based blockchain company leveraging the token in its cross-border payment solutions. In 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging the unregistered sale of securities.
XRP: Price outlook
As XRP skyrocketed more than 178% since the beginning of November, Pal revealed that he owned and still owns a bit of XRP since his legal troubles in 2020. Despite not really performing against Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) since then, Pal described himself as a profit maximalist, so he is "happy" to go where he sees the best returns on his capital.
"Nothing wrong with XRP and wish it well," concluded the trading expert.
Currently, the price of XRP stands at $1.42, which is the highest price for the token since September 2021. The all-time high for the sixth largest cryptocurrency currently stands at $3.317 per XRP, which is still 130% higher than the current level.