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XRP has continued to puzzle investors with its prolonged consolidation streak despite other cryptocurrencies posting sizeable gains since January.
Notably, despite Ripple’s recent courtroom victories against the U.S. Securities and Exchange Commission (SEC) and major technological milestones, the crypto asset has yet to show any price improvement, leaving many to question the factors behind its price stagnation.
Amid the market’s stagnation, Angelica Saldaña, a former day trader turned full-time crypto investor, shared her insights on September 10. She attributed the slow growth to several factors, including the cryptocurrency market’s relative infancy and the ongoing legal battle between Ripple and the SEC.
“I am not trying to hype,” Saldaña stated, “Ripple or XRP is in the same circle as the IMF, BIS, central banks and governments. Due to the SEC lawsuit against Ripple, it crashed the price. Crypto is a new market that still needs policies, laws and regulations in place.”
Saldaña’s take on XRP followed a comment by one of her followers asking why she thought XRP had yet to achieve the $4-$5 price target. Notably, earlier, on September 9, she had opened up about her position on the coin.
“When have they ever made money? I hold XRP but sold during the SEC lawsuit and then bought back in. It’s absurd. If you kept your money tied up in XRP during the lawsuit, you missed out on investing in DeFi, smart contracts, NFTs, memes, and the metaverse. You lost money just holding on.” She wrote.
This sentiment suggests that while XRP has remained relatively stable, other sectors of the crypto market have experienced significant growth and innovation. Investors who diversified their portfolios may have seen better returns than those who held XRP exclusively throughout the legal proceedings.
The debate over XRP’s potential is further fueled by contrasting opinions within the crypto community. Analysts “Levi Rietveld” recently pointed fingers at respected industry figures, accusing them of spreading misinformation and hindering XRP’s mass adoption. Rietveld specifically called out Raoul Pal, founder of Global Macro Investor, for allegedly damaging XRP’s reputation and preventing it from reaching $100.
On the other hand, analyst “Master” presented a more optimistic view, stating, “Despite facing the most extensive and prolonged lawsuit in the history of cryptos, XRP has managed to remain in the top 10 for a decade.” Master further argued that XRP’s consistently high trading volumes and the significant portion of supply controlled by insiders make it a “goldmine for investors with size and traders alike.”
That said, although the fate of XRP remains uncertain, most investors see the coin’s resilience in the face of legal challenges as a testament to its long-term potential. As regulatory clarity improves and the lawsuit eventually concludes, they expect XRP to break free from its consolidation phase and reach new heights.
At press time, XRP was trading at $0.5632, reflecting a 4.89% surge over the past 24 hours.
USA Goldmines