XRP Gains Momentum as SEC’s Appeal Falls Flat
A well-known cryptocurrency analyst has expressed optimistic views on XRP following a recent decision by a US court.
The court rejected the US Securities and Exchange Commission’s (SEC) attempt to appeal a previous ruling that favored Ripple in July.
The trader, who goes by the pseudonym Credible Crypto, believes that the SEC’s failed appeal would likely positively impact the XRP market. Given its current high liquidity, he suggests that it could potentially trigger a rally in the market.
Credible Crypto emphasizes that XRP faces a crucial resistance level at $0.60 in the current environment of tight liquidity. He suggests that breaking through this resistance is essential to initiate a bullish trend. He also mentions that a failure to do so could indicate that the market isn’t quite ready yet, mainly due to liquidity constraints.
Regarding the SEC’s appeal rejection, Credible Crypto expresses enthusiasm, seeing it as positive news that enhances his long-term confidence in XRP, especially as new investments flow into the cryptocurrency space.
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Shifting focus to Bitcoin (BTC), the anonymous analyst expects the flagship cryptocurrency to maintain its support at the $24,800 level if it experiences a correction. However, when it comes to Ethereum (ETH), Credible Crypto holds a more pessimistic view. He suggests that ETH may potentially establish a new local low, as it has already tested the lower end of its trading range.
Additionally, there are inefficiencies and significant demand regions below its current range.
In this context, Credible Crypto also speculates that ETH might experience further weakness compared to BTC, especially as BTC dominance continues to rise to new highs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
