Several individuals have pointed out the legal pressure mounted on XRP due to the SEC lawsuit, suggesting a breakout once the case ends.
Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, has emphasized that selling XRP before the conclusion of the lawsuit between the US SEC and Ripple would be the most ill-advised decision for any investor to make.
This sentiment aligns with the notion that XRP has the potential to experience a significant surge in value once the legal case comes to a favorable resolution.
The worst move you can possibly do is to sell #XRP before end of #SEC lawsuit. 🚨
— EDO FARINA 🅧 XRP (@edward_farina) April 24, 2023
As expected, the statement has sparked varied responses from the wider community, with most investors concurring with the sentiment. However, some have argued that the ongoing litigation’s exceptional delay is a futile expenditure of investors’ time, and the community may have to endure another year of uncertainty.
Dominant Legal Pressure
The prevailing viewpoint among many influencers and analysts in the XRP community is that the ongoing lawsuit has hindered the asset’s potential. These individuals have consistently pushed the narrative that XRP is poised to reach unprecedented levels once the legal obstacles impeding its progress are eliminated.
Notably, BitBoy, a prominent figure in the crypto space, named XRP as his top altcoin pick for the next bull run, stating that the asset’s potential has been constrained by the ongoing legal case. He believes that if the case ends with an agreement that XRP is not a security, the asset would outperform others in the next market surge.
Moreover, last month, the renowned veteran trader Peter Brandt predicted an imminent price breakout for XRP, despite his disagreements with the XRP community. Brandt’s analysis indicated a bullish trajectory for XRP’s price movements, with a minimum target set at the $3 price range. Nonetheless, these remarks should not serve as investment advice.
XRP up 24% Since March
Recall that XRP recently achieved new highs during its latest rally, which was partly driven by heightened demand stemming from speculations that the SEC lawsuit was approaching its conclusion. While the asset has experienced a decline in the recent market-wide downtrend, it has still managed to maintain a 24% gain since the beginning of March.
When XRP was priced at around $0.50, crypto analyst Egrag cautioned that the asset may dip to the $0.40 range, but predicted an eventual price surge. Egrag also contended that XRP trading under $1 presents a “life-changing opportunity” for investors. Currently, XRP is trading at $0.4595, down 2% in the past 24 hours.