XRP has seen a nearly 15% drop so far in October, primarily due to the US SEC’s appeal in the ongoing Ripple lawsuit. While some analysts view this decline as a potential buying opportunity, others strongly believe that an XRP rally is unlikely.
Read on and make your decision!
Why An XRP Rally Is Coming!
Analysts have pointed to historical price patterns and recent whale accumulation, indicating that XRP may be set for a substantial rally in the coming months. Analyst CryptoBull has noted a striking similarity between XRP’s current price behavior and its path during the 2017 bull market.
In 2017, XRP consolidated within a symmetrical triangle pattern before breaking out and surging by an incredible 66,240% to reach a record high of $3.31. As of October 2024, the asset is nearing the peak of a similar triangle formation on its monthly chart. If XRP follows this historical trend, a breakout could lead to significant gains.
Will the SEC Pose a Challenge?
Despite these encouraging signs, the SEC’s recent appeal in the Ripple lawsuit may create major hurdles for XRP’s upward momentum. This is particularly true if the agency successfully argues that XRP’s secondary sales to retail investors violated US securities laws.
Max Keiser Dismisses XRP’s Prospects
In a recent post on X, prominent Bitcoin maximalist Max Keiser ridiculed XRP holders, stating that an XRP rally is never going to happen. Over the past few years, Keiser has served as a Bitcoin advisor to El Salvador’s President, Nayib Bukele, who has made BTC the country’s official legal currency.
As a committed Bitcoin supporter, Keiser often criticizes altcoins, especially leading ones like XRP, SOL, ADA, and ETH, calling them centralized “s-coins.” He has previously expressed agreement with SEC Chairman Gary Gensler’s view that many altcoins are unregistered securities, coinciding with the agency’s lawsuits against various crypto platforms in the U.S.
Earlier in May, Keiser tweeted that XRP was created “to steal billions from witless fools,” referencing the ongoing SEC vs. Ripple case that has been active since December 2020.
Keiser’s comments come after the SEC filed an appeal against Judge Analisa Torres’s ruling in its lawsuit against Ripple. However, the SEC has yet to provide a detailed explanation for its decision to challenge the ruling.
Will XRP break out and defy the odds? Only time will tell.
