Ripple lawsuit could send cryptos screaming higher says top analyst
In a recent tweet, a prominent trader who goes by “Tree of Alpha” indicated that a favorable ruling about the status of XRP in the SEC lawsuit against Ripple would be the most important news for cryptocurrency traders.
The trader thinks that if it is determined that XRP is not a security, it will send it and the other top 300 cryptocurrencies to “Valhalla,” which would cause a significant surge in the values of all these cryptocurrencies.
The dealer observed that the SEC is making a concerted effort to classify all items traded on the bitcoin market as securities that need government oversight.
Therefore, what would seem a triumph against the regulator would be a severe loss for them and create a barrier for any future actions they may bring against other cryptocurrencies and organizations dealing with cryptocurrencies.
A follower questioned Tree of Alpha over using bots to benefit from a potential ruling regarding XRP’s status. In response, Tree of Alpha emphasized the unpredictability of where the news would come from and the shape that the judgment would take.
He noted that the judgment might be published from several sources, such as case files, Bloomberg, or even a random Twitter account, and that it is possible that traders will not be able to comprehend the ruling the first time that it is presented to them.
Ripple continues to show dominance
Ripple, trading at $0.50 as of press time, had recorded a mild increase in price valuation of over 1% in 24 hours as its market continues to dominate the recent market volatility. For the past month, Ripple has shown tremendous growth, according to CoinGecko charts.
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