He is one of the most popular crypto analysts, more than 220,000 people follow him on Twitter. Now “CredibleCrypto” says: Ripple’s XRP will skyrocket in price – up to $ 30. But is that realistic?
New lows? “Technically possible”, but unlikely
Ripple’s XRP has gained around 19% over the past seven days, with the coin one of the top winners since last Tuesday’s lows. Multiple Traders (here @ CryptoTony_) warn of a new decline in Ripple’s XRP. However, the popular pseudonymous analyst Credible Crypto has now commented on this-and once again issued an optimistic price target.
Hardly any analyst is as bullish on Ripple’s XRP as he is. New lows for XRP? He doesn’t see coming. Although they are “technically possible,” he admits in a recent tweet. More likely, however, is a reversal that puts the token on the path to the price target that the analyst has been holding on to for quite some time.
“Some are asking for new lows in XRP / BTC. While it is technically possible, I think a reversal from this region makes more sense considering that XRP / USD is on a major historical support.“
Some calling for new lows on XRP/BTC. While it’s technically possible I think a reversal off this region makes more sense, considering XRP/USD is on major historical support. $ XRP pic.twitter.com/JmYmw8Zpsf
– Crediblecrypto (@CredibleCrypto) June 25, 2021
In the comments, the analyst is asked if he is still sticking to his repeatedly issued price target for Ripple’s XRP between $ 20 and $ 30. Which clear answer: yes. In his estimation, Ripple’s XRP will be worth at least $ 20 before the end of the current crypto bull run, ideally even $ 30 per coin (to buy from eToro or Libertex). This corresponds to an increase in value of no less than 2,841 or 4,311 percent – based on the current price of $ 0.67.
Among the reasons for the price explosion, Credible Crypto cites the increasingly likely possibility that Ripple Labs, the company behind XRP, will win the ongoing lawsuit against the US Securities and Exchange Commission (SEC). In this case, there could be conditions that trigger a supply shortage – and this, combined with rising demand, could cause the XRP price to rise parabolically.
Speaking of legal proceedings: What is the current state of affairs here?
Ripple vs. SEC: Now it’s About a Critical Witness
Speaking of litigation in the ongoing Ripple vs. SEC court case, there is news. Currently, the U.S. Securities and Exchange Commission (SEC) wants to prevent Ripple from calling an important witness – the former director of the SEC’s Division of Corporate Finance, William Hinman.
As a former SEC employee, he may have some important information regarding the authority’s decision to officially classify Bitcoin and Ethereum as non-securities.
Ripple Labs hopes this will provide insights into the decision-making of the US Supreme regulatory authority – and ideally the necessary ammunition to refute its allegations.
However, according to the SEC, there are no “exceptional circumstances” justifying the former director’s involvement, and Hinman would not have first-hand knowledge relevant to the case.
The SEC has now filed a motion to remove Ripple’s motion requiring Hinman to testify in an affidavit on June 30.