The general sentiment behind the price of XRP crypto-analyst-7-50-xrp-target-sec-appeal/” rel=”nofollow noopener” target=”_blank”>has been divided among market participants in recent months. Recent market dynamics We have seen many investors take a negative outlook for the cryptocurrency's price, especially considering its inability to reach new highs above $0.6. Furthermore, this negative outlook has recently been exacerbated by news of the SEC's appeal of the ruling in the lawsuit between Ripple and the SEC.
One notable analyst who has taken a negative outlook on XRP is Max Keizer. According to him, the XRP rally that community members are waiting for will never happen.
bitcoin Maximalist Says XRP Price Rally Won't Happen
Max Keizer is a strong bitcoin maximalist known for his stance that bitcoin is the only legitimate cryptocurrency. Keizer is known to criticize many altcoins, and XRP is not the only one. Recently, he noted on social media platform x.com/maxkeiser/status/1842947927515492800″ rel=”nofollow” target=”_blank”>has already reached its all-time high against bitcoin, and predicts a downward trajectory for the asset in the future.
However, Keizer x.com/maxkeiser/status/1842360039350100083″ rel=”nofollow” target=”_blank”>latest comment on XRP has arrived amid difficult times for cryptocurrency. With the current situation, the price of XRP appears to be once again under pressure caused by the prolonged lawsuit involving the SEC and Ripple, its creator. This is because the SEC has filed an appeal against Judge Torres' ruling in the Ripple case.
In addition to his critical comment about XRP, Keizer shared a video on social media showing a bird repeatedly failing to catch a worm with its beak. He drew a parallel between the bird's futile attempts and XRP holders who have been waiting for so long for an XRP price rally. The video ended with the bird failing to capture the spike, meaning Kaiser believes that XRP holders will never be able to capture an XRP rally.
XRP Current Status
The recent settlement ruled by Judge Torres was initially seen as a major development in favor of Ripple, bringing renewed hope to XRP investors. However, the SEC's subsequent decision to appeal the ruling has reignited uncertainty and cast a shadow over the future of XRP price, dampening optimism once again.
Unsurprisingly, the news of the SEC appeal sent the price of XRP into a downward spiral. On-chain data shows that this price drop was driven by some XRP Whales Move Assets to crypto Exchangesprobably in moves to sell them.
At the time of writing, XRP price is trading at $0.5413, reflecting a 1.8% gain in the last 24 hours. However, the cryptocurrency has lost a significant portion of its market capitalization over the past week, losing 16.17% over the past seven days. This, in turn, pushed XRP below the USDC stablecoin in the market capitalization rankings.
Max Keizer is not the first bitcoin maximalist to offer a negative outlook on XRP. Other analysts have labeled cryptocurrency dead in the past. Despite this, the XRP community has enough bullish advocates to go around. According to an analyst, technical analysis shows that the XRP price chart is pointing out an explosive demonstration in the macro time frame despite the SEC appeal.
Featured image created with Dall.E, chart from Tradingview.com
