XRP Price Coulds Repeat Legendary 61,000% Surge Like 2017, Analyst Claims
November 25 2023 - 3:00PM
NEWSBTC
Prominent crypto analyst CryptoInsightUK has given his thoughts on
whether or not the XRP price can replicate the notable 61,000% gain
it enjoyed back in 2017. Although the analyst sounded uncertain
about how things could pan out, he provided insight as to what the
future holds for XRP. XRP Price Repeating 61,000% Move Will Be
Harder In a post on his X (formerly Twitter) platform,
CryptoInsightUK highlighted how XRP exploded in 2017. The crypto
token is said to have seen a 61,000% gain in 280 days. As to
whether a repeat can happen, he mentioned that it would be harder
as the market cap would have to be huge. He didn’t rule it out,
though, as it would be possible with “real-world utility.”
Related Reading: Analyst Sounds Warning: This Might Be Your Last
Chance To Buy Bitcoin Below $40,000 The crypto analyst seemed to be
more focused on talking about the XRP price potential rather than
talking about how high the token could rise. He alluded to the hate
that XRP receives and how when people feel such a way, there is
probably “value” in that asset. He also highlighted other factors
that make the token stand out. CryptoInsightUK mentioned that “XRP
has had another 3 years of consolidation to most other cryptos.”
This places the token on a higher pedestal as it bounded to enjoy
greater expansion from a technical analysis angle. The
analyst also spoke about how XRP is the only crypto token that has
overtaken ETH in market cap on more than one occasion. On one of
them, it enjoyed about 20% market share in the total crypto market
cap. The crypto analyst was quick to disclaim whether that
meant he was suggesting that the XRP price could achieve these
feats again. He stated that only time will tell as he wasn’t making
any point but only sharing his thoughts. XRP’s Unique
Offerings And Positioning In his post, CryptoInsightUK also
mentioned that “XRP is in a unique position.” He was referring to
how XRP “is the only altcoin that has legal clarity.” This clarity
comes from Judge Analisa Torres’ ruling that XRP is not a security
in itself. That is another factor that he believes makes XRP stand
out, considering that the regulatory landscape is only just
building up. Related Reading: Valour XRP ETP Set To Begin
Trading, Can Institutional Inflows Drive Price To $10? Ripple’s
Chief Legal Officer Stuart Alderoty had previously echoed similar
sentiments when he mentioned how Judge Torres’ ruling helped XRP
attain a unique status. He specifically mentioned the fact that XRP
was now “uniquely classified” as a non-security in the US. The
unique status is more significant considering that the US
Securities and Exchange Commission (SEC) continue a host of crypto
token as securities. Token price reclaims $0.61 | Source:
XRPUSD on Tradingview.com Featured image from Bitcoinist,
chart from Tradingview.com
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