Ripple

XRP Price Cannot Hit ATH Until The Case is Settled! Here’s Why?

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

Dec 10, 2021

news-image

With the cryptocurrency markets under pressure after a recent selloff, the price of XRP, the Ripple network’s native cryptocurrency, rocketed up on December 9th, heading for the resistance level of $1. The month of November was not good for XRP’s prospects. The value of the coin dropped from $1.35 to $0.89. It had tracked the rise of popular cryptocurrencies such as bitcoin (BTC) and ether (ETH) (ETH) 

Advertisement

After forming a base above $0.700, XRP price began a new upward trend. The price accelerated above the resistance levels of $0.750 and $0.800. The altcoin has steadied above $0.800 and is currently encountering resistance at $0.915 and $0.925.

Raoul Paul Explains Why he Hold XRP

Raoul Pal, the CEO of Real Vision, explains why he holds XRP and how he views the crypto asset’s risk/reward ratio. 

In a new interview with Thinking Crypto, the former Goldman Sachs executive says he bought a position in XRP approximately a year ago, citing the US Securities and Exchange Commission’s (SEC) lawsuit against payments processor Ripple as a major motivator.

He purchased it because 

A) It has applications and is in use, and 

B) The court case offers a fantastic risk/reward ratio. 

It was heavily discounted in price, and I thought to myself, ‘Well, what’s it going to do?’ Is it possible to fall 100 percent from here to zero? But if it’s solved, it’ll be [up] tenfold.’ ‘Well, that’s a no-brainer,’ I say. Why wouldn’t you take a 10-1 risk/reward opportunity with a catalyst?” 

Last December, the Securities and Exchange Commission (SEC) filed accusations against Ripple, alleging that the San Francisco-based payments startup marketed XRP as unregistered security during its initial public offering. XRP, according to the regulator, is still a security.

Pal claims that his XRP price is solely dependent on the outcome of the court case. Because the price can’t go up, it’s been taken off the market. It can’t move forward until it’s settled, because the world’s richest and most powerful country isn’t allowed to invest easily in it.

Last month, Ripple CEO Brad Garlinghouse expressed optimism that the court issue will be concluded next year.

Also Read : Bitcoin Slides Down Yet Again, BTC Price Needs to Sustain These Levels

Show More

Was this writing helpful? myImage dislikeimage

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button