The Lawsuit That Changed Everything
The SEC lawsuit, filed at the end of 2020, alleges that XRP is an unregistered security. XRP’s price took a big hit after the lawsuit, losing 85% from its 2017 peak. It is currently trading at around $0.35.
Technical Analysis Points To More Downward Pressure
Technical analysis, which uses historical price data, suggests that the price of XRP could continue to drop in the short term.
Some Analysts Are Still Optimistic About XRP’s Long-Term Prospects
Despite the recent setbacks, some analysts are still optimistic about XRP’s long-term prospects. Armando Pantoja, a well-respected crypto analyst, believes that XRP could reach between $8 and $20 by 2026.
Pantoja cites several factors for his bullish outlook
- XRP’s historical performance, highlighting its meteoric rise in 2017.
- Ripple’s growing list of partnerships with established financial institutions.
- Upgrades to the XRP Ledger (XRPL).
- Broader market trends that could benefit XRP.
The XRP community itself seems to echo this optimism
Social media engagement surrounding the altcoin has spiked, and the number of total holders and active addresses continues to rise.
Disclaimer
The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.