A prominent researcher, CryptoTank, recently advised the crypto community to invest in XRP tokens before it is too late. Although XRP still trades at $0.55, the researcher believes the coin has the potential for a significant rally.
My HOPE is that everyone does some research and get some XRP before it’s too late. Research and share it with your love ones. It’s a once in a lifetime opportunity to change the course of your families lives for generations if you invest wisely. Tune out the foolish hater trolls!
— CryptoTank (@Tank2033js) August 15, 2024
XRP has gotten the final resolution on its case with the US Security and Exchange Commission (SEC).
A final judgment. The Court rejects the SEC’s suggestion that Ripple acted recklessly and she reminds the SEC that this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm. She rejects the SEC’s absurd demand for $2B in… https://t.co/RbwpBnoXJG
— Stuart Alderoty (@s_alderoty) August 7, 2024
As a result, most market observers believe that the conclusion of the legal battle will clarify Ripple Labs’ operations, thereby attracting more users.
CryptoTank Highlights XRP’s Bullish Potential
In a recent post on X, CryptoTank expressed high hopes for XRP and urged his followers to research it. He urged followers to buy XRP tokens since it is a once-in-a-lifetime opportunity to change the direction of their lives for generations.
Also, CryptoTank stated that Ripple Lab’s CEO Brad Garlinghouse predicted XRP’s $5 trillion market cap value in 2024.
However, CryptoTank believes that Garlinghouse was conservative in his prediction. He believes that XRP and its stablecoin RLUSD will rise to a market cap of $8-$12 million.
The researcher’s optimistic views come from the belief that XRP has the potential to change the face of global money.
XRP can become a means of providing faster and cheaper fund transfers worldwide. The cross-border payment network is projected to reach $300 trillion by 2030.
If XRP processes just $5 trillion of the projected market, its price will move above $50 for sufficient liquidity to cover transactions.
CryptoTank’s comments on XRP attracted reactions from some X followers. According to Tyler, his efforts to reach out to family and friends ended in ridicule.
However, he noted that a few loved ones accepted his suggestions and will hopefully hold onto their coins. Also, another follower, Cristian, claimed that he has promoted XRP’s potential in the last few years, but no one believes him.
Meanwhile, Cryptohopes had a pessimistic view of XRP. He stated that he was tired of XRP’s stagnancy and would get rid of the coins. Despite the mixed sentiment of some of its community members, XRP developers have continued to pursue development.
CEO Brad Garlinghouse announced on August 13 that Bitnomial plans to launch XRP/USD futures called XUS. Bitnomial notified the Commodity Futures Trading Commission (CTFC) of its intentions to trade XUS after August 13.
Thus, XRP’s price could benefit from such developments, although a price increase might occur in the long term.
How is XRP Faring Today?
XRP is in a downtrend, forming a third consecutive red candle on the daily chart.
XRP faces rejection at $0.57, moving its price down to $0.55 as the sellers attempt to force it below that support. The long upper wick on today’s candle shows a weak buyer effort to break above the $0.57 resistance level.
Also, XRP is dropping close to the lower Bollinger Band (BB), a bearish sentiment that hints at further decline. The RSI indicator, with a value of 48.48, also moves downwards from the neutral zone, confirming selling pressure.
Therefore, XRP will likely drop into the oversold region and trade at $0.54 before the next rally begins.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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