Pseudonymous crypto analyst DonAlt, known for his accurate prediction of Bitcoin’s 2022 bottom, has shared his bullish outlook on XRP, according to a report by The Daily Hodl. The analyst suggests that XRP could see a significant price surge, potentially over 100%, depending on the outcome of the ongoing SEC lawsuit against Ripple.
DonAlt highlighted the favorable risk-to-reward ratio for XRP in his recent video update. He noted that if the SEC lawsuit is resolved favorably for Ripple, XRP’s price could see a substantial increase. However, he also cautioned that if the lawsuit doesn’t go in Ripple’s favor, XRP’s price could take a hit.
The analyst pointed out that XRP’s price has been consolidating for a while now, and it’s currently at a level that could serve as a springboard for a significant price surge. He also mentioned that XRP’s price has been showing resilience despite the ongoing lawsuit, which is a positive sign.
However, DonAlt also emphasized that investing in XRP at this stage comes with risks due to the uncertainty surrounding the SEC lawsuit. He advised potential investors to weigh these risks carefully before making a decision.
At the time of writing (10:50 a.m. UTC on June 2, 2023), according to data from TradingView, XRP is trading at around $0.5152, up 1.7%, 9.72%, and 51.93% in the past 24-hour period, the past seven-day period, and the year-to-date period respectively.
Brad Garlinghouse, the chief executive officer of Ripple Labs, has voiced his expectation for a forthcoming court ruling in the company’s ongoing legal dispute with the U.S. SEC. In a conversation with Mukaya (Tai) Panich, the chief executive of tech investment firm SCB 10X, Garlinghouse conveyed his belief that a court ruling in Ripple’s favor could set a precedent for the wider cryptocurrency sector. He referenced recent events involving William Hinman, the SEC’s ex-Director of Corporate Finance, who had previously stated that Ethereum (ETH) was not a security. Given these circumstances, Garlinghouse anticipates a U.S. District Court Judge Analisa Torres ruling in the coming weeks.
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