Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions

Christian Encila

1 year ago

3 mins read

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The crypto community got a major surprise two years ago when a leading provider of crypto solutions for businesses was slapped with a lawsuit by the U.S. Securities and Exchange Commission.

Ripple was taken to court by the SEC, which sparked what has become the most closely watched legal showdown in the cryptocurrency industry.

The SEC’s lawsuit accusing Ripple of breaking securities laws has devolved into a lengthy legal dispute, with the future of cryptocurrency regulation potentially at risk.

The case, which was filed in December 2020, revolves around the Commission’s claim that Ripple refused to register approximately $1.4 billion worth of XRP, its native coin, as securities.

Image: MetaCrunch

Crypto Community Remains Upbeat About XRP

Despite the current Ripple legal dispute and unfavorable market conditions, the XRP community continues to be optimistic about the XRP price as this development unfolds.

Six months following the filing of the SEC’s litigation against Ripple and its executives, the price of XRP plummeted from $0.7 to $0.2. As the case progressed, though, the value of Ripple rose along with it.

Monday’s Coingecko stats show that XRP is trading at $0.327, a 1.5 percent increase over the previous week. The 24-hour trading volume for XRP is $1,116,622,856.

Can XRP Hit $35,000? Or, $50K Even?

Notable crypto industry figures, such as Valhil Capital CEO Jimmy Vallee, estimate that the price of XRP might hit $35,000. Others are of the opinion that the price may surpass $50,000.

The growth of XRPL use cases has also contributed to the excitement around XRP. Peersyst Technology has announced the creation of the first Colombian National Land Registry on the XRPL blockchain.

During the current bear market, XRP is one of the cryptocurrency investors are anticipating a robust run for.

As a result of the increased interest in Central Bank Digital Currency (CBDC), Ripple has prepared itself to be recognized through the private ledgers and inexpensive cross-border transfers it enables via its project Ripplenet, consequently boosting the price and sentiment of XRP.

In other developments, the largest bank in Morocco, Attijariwafa Bank, has partnered with the company to promote seamless XRP token payments for its customers.

XRP total market cap at $16 billion on the daily chart | Source: TradingView.com

Hold On Long Positions, Or Take Profits?

Meanwhile, interested parties can open long positions and anticipate that, if they are successful, the price of XRP will rise over $0.387 and sweep the liquidity first.

Market participants have two options when the first goal is hit: they may either stick onto their positions for the retest of the next level at $0.439 or book profits.

XRP has recovered from the crisis in December 2020, and the long-term price forecast for this year is optimistic. This year, the cryptocurrency is likely to surpass its current all-time high of approximately $3.84, analysts say.

However, this will only occur if it overcomes the numerous psychological barriers it has erected over the years.

Featured image from The Positivity Blog, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.