Renowned crypto analyst DonAlt, known for accurate market predictions, has put forward an intriguing forecast for XRP, the sixth-largest cryptocurrency. With the impending decision on the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, he suggests that XRP could witness a substantial triple-digit rally.
XRP’s Upside Potential and Buying Strategy
DonAlt, in a recent video shared on the TechnicalRoundup YouTube channel, expressed optimism about XRP’s future prospects. Having taken profits on prior positions, he has now recommenced buying XRP at its current levels, citing the potential for over 100% upside. This projection hinges on the expectation of a favorable outcome or positive developments in the SEC lawsuit against Ripple.
The Impact of the SEC Lawsuit
The forthcoming decision on the SEC lawsuit against Ripple is poised to exert a significant influence on XRP’s trajectory. The analyst suggests that even minor positive news or favorable indications during the legal proceedings could trigger a noteworthy surge in XRP’s price. However, a word of caution is essential, reminding investors to exercise careful evaluation and risk management. It is crucial to understand the uncertainties surrounding the case and approach investments in XRP with due diligence.
Monitoring Key Levels
He further dips into the pivotal level that could potentially challenge XRP’s bullish thesis. Wherein, a breach below $0.46 on the weekly chart would signal a loss of crucial support, potentially invalidating the optimistic outlook. Overall market participants are advised to closely monitor this level, as it could significantly impact the future performance of the cryptocurrency.
Conclusion As XRP is currently trading at $0.506, market observers eagerly anticipate the outcome of the SEC lawsuit against Ripple. DonAlt’s prediction of a potential 200% rally highlights the speculative nature of the crypto market. He concludes in a note that “XRP trade is not risk-free” hence invest with utmost caution.