XRP, at one point rose to the level of being the second-largest cryptocurrency by total market value. However, it experienced a sharp decline and was unable to recover following the news of the lawsuit against Ripple Labs. XRP was delisted from many exchanges, and it has yet to regain its previous levels. But does this mean that all hopes for a price increase in XRP are completely lost? A prominent analyst, in a noteworthy tweet, emphasized that the situation is progressing in the opposite direction.
XRP Price Moves Against BTC
The price of XRP has gained 1.4% in the last 24 hours, and in fact, it has even managed to counter the decline seen in the crypto money market in general. XRP/USD, traded at $0.49, continued on its way with a 5% decline in 7 days. However, there are some promising developments for XRP investors. One of the well-known cryptocurrency analysts, Mr. Huber shared an important post on Twitter. Hube revealed that since the lawsuit filed by the SEC, XRP has gained 200% in value, especially against the leading cryptocurrency BTC. This superiority of XRP over BTC can certainly excite investors.
It appears that the analyst is actually highlighting the price movement that began from the bottom reached after the lawsuit was filed. Following the announcement of the lawsuit on December 22, 2020, the price of XRP experienced a sharp decline. However, according to the chart, it managed to rise from the point of its decline.
XRP Price Comments
XRP investors are eagerly anticipating exciting developments in the coming days, with particular emphasis on the beginning of the third quarter being critical. Renowned crypto analyst DefendDark has also made a statement on the matter. According to the video released by the analyst and their comments, XRP investors may expect price targets of $0.89, $1.73, and $3.39 in August. The analyst stated that the rally would begin with the breaking of $0.89, and $3.39 would be the ultimate bullish target.
Achieving such a rise for XRP may not be possible without a general altcoin bull market. However, reaching a favorable outcome for Ripple in the SEC and Ripple lawsuit would definitely create an independent rally effect for XRP.
XRP investors are eagerly awaiting news from this lawsuit as well.
