- XRP defies the odds, registering a striking 200% value increase against Bitcoin amid the ongoing Ripple SEC lawsuit.
- While BTC maximalists had expected the lawsuit to decrease XRP’s value, market sentiment remains bullish, with positive price projections for August.
In an unexpected turn of events, XRP, the cryptocurrency linked with Ripple, has remarkably outperformed its predictions, posting a 200% value gain against Bitcoin (BTC). This impressive surge comes despite the ongoing Securities and Exchange Commission (SEC) lawsuit against Ripple. Crypto analyst Leerzeit shared these insights on Twitter, noting the bullish market sentiment surrounding XRP as the lawsuit judgment draws near.
Leerzeit’s tweets capture the surprising growth trajectory of XRP. He notes that since the SEC lawsuit’s commencement, XRP’s value has appreciated more than 200% against BTC, a phenomenon that defies the conventional crypto wisdom.
Typically, BTC maximalists—those who believe Bitcoin to be the superior cryptocurrency—anticipate that any negative developments in the crypto world, such as lawsuits, would naturally increase Bitcoin’s value while diminishing the value of the involved cryptocurrency. However, XRP’s astonishing 204% surge puts this presumption under scrutiny and calls for a more in-depth analysis of the prevailing market dynamics.
A recent analysis by Dark Defender, a renowned crypto analyst, reflects a positive outlook for XRP’s future price performance. According to Dark Defender, XRP has snapped its extended 777-day downtrend. The Super and Wave trends currently signal bullish market sentiment for XRP.
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While the analyst forecasts a possible short-term dip to $0.40, the overall bullish pattern is expected to hold. Dark Defender identifies a forming cup pattern in XRP’s price chart and suggests an upward price trajectory, with targets of $0.8917, $1.7396, and $3.3939, likely to kick off from August.
Even as Bitcoin experienced a dip earlier this week, XRP demonstrated resilience. Among the top 10 non-stablecoin cryptocurrencies, XRP, Dogecoin, and Litecoin were the only gainers. Despite ending the week down by 6.56% at $0.48678, XRP showed a significant rise of 1.45% on Sunday and a 0.91% gain on Saturday.
At the time of reporting, XRP’s live price stands at $0.493151, with a 24-hour trading volume of $841,551,286. Over the last 24 hours, XRP’s value has grown by 2.24%, while Bitcoin has dipped by 0.74%. This performance underscores XRP’s defiance of the conventional crypto wisdom and its potential for growth even amid legal uncertainties.
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