A closely watched crypto strategist says XRP is likely to witness a deluge of capital inflows following the favorable ruling in the SEC’s lawsuit against Ripple.
Pseudonymous analyst Credible Crypto tells its 342,800 Twitter followers that the fear, uncertainty and doubt (FUD) surrounding XRP is no longer an issue after Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP are not securities transactions.
According to the crypto trader, XRP is likely to come reclaim its spot as the third largest digital asset in the coming year.
“The XRP security FUD has come and gone, and through it all, XRP remains a top five crypto by market cap.
Love it or hate it, it has proven to have staying power, and I have no doubt it will be a top three coin again within the next 6-12 months.”
At the time of writing, XRP is the fourth largest crypto asset with a market cap of over $39.26 billion. With stablecoin Tether (USDT) in third place with a valuation of around $83.67 billion, Credible Crypto suggests that XRP could more than double in price in the coming months.
XRP is worth $0.746 at the time of writing.
Looking at Bitcoin (BTC), the trader says that Bitcoin’s continued consolidation around $30,000 is not a sign of weakness. According to Credible Crypto, Bitcoin could witness a brief downward move to trap bears before resuming its uptrend.
“Last month I saw a lot of people talking about BTC’s ‘weakness’ while [stocks] were tearing.
I pointed out that consolidation should not be confused with ‘weakness’.
What followed was a single weekly candle that erased two months of downward price action.
This week I again hear about BTC’s ‘weakness’ in not breaking out after the positive outcome in the Ripple case, large ETF (exchange-traded fund0 deposits, etc.)
Again, I repeat, don’t confuse consolidation with weakness.
While we *might* see a downward feint before expansion – make no mistake – expansion is coming, and the longer we consolidate ahead of this expansion, the stronger the expansion will be when it comes.
At the time of writing, Bitcoin is trading at $30,254.
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Featured image: Shutterstock/MightyRabittCrew/INelson
