In a recent analysis, prominent crypto advisor Steven Nerayoff expressed optimism about the prospects of XRP in the ongoing bull market, attributing the recent surge to Ripple’s legal victory against the United States Securities and Exchange Commission (SEC). According to Nerayoff, the legal clarity provided by the court ruling has alleviated uncertainty, initiating a favourable market trend for XRP.
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Ripple achieved a partial victory against the SEC last year when a federal judge declared that XRP does not qualify as a security, challenging the regulator’s claims. Nerayoff contends that the current bull market serves as a catch-up period for XRP, which missed out on the previous market surge due to the legal dispute.
Yes, arguably Ripple’s legal victory started this bull run! It’s catch-up time for the last bull run.
— Steven Nerayoff (@StevenNerayoff) January 1, 2024
While Nerayoff refrained from offering a specific price prediction for XRP, he speculated that the digital asset is poised to make up for its underperformance in the previous bull market. In a show of confidence, Nerayoff disclosed plans to invest an undisclosed amount in XRP, emphasizing his belief in the coin’s potential.
No. I’m not invested in Ether or XRP as I didn’t want anyone to say I was biased. I would be an investor in XRP & have publicly spoken about my belief in them since 2014. (I have a tiny amount of Ether bc I need to pay the ETH Cabal for their exorbitant gas fees).
— Steven Nerayoff (@StevenNerayoff) January 1, 2024
XRP, despite being down 82.9% from its previous all-time high (ATH) of $3.4, is currently trading at $0.58. Analysts predict that the bull market may reach its zenith following the upcoming Bitcoin Halving anticipated in April 2024. Historically, various cryptocurrencies, including BTC and XRP, have experienced significant price surges several months after each Bitcoin Halving event.
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Meanwhile, members of the XRP community participated in a survey, offering diverse predictions for XRP’s price in the current bull market. A majority, representing 38.1% of the 533 participants, foresee XRP surging to $12 and above. Additionally, 23.5% of respondents anticipate XRP reaching a range between $8 and $12, while 18.4% predict the digital asset trading below $2.
What’s Your $XRP Peak Price Prediction in 2024? 🤔💭 Vote Below!👇👇
— Good Morning Crypto (@3TGMCrypto) January 2, 2024
As the crypto space continues to evolve, Nerayoff’s positive outlook on XRP, coupled with the community’s varied predictions, adds layers to the ongoing narrative surrounding the digital asset’s potential resurgence in the current market cycle. Investors and enthusiasts alike are closely monitoring developments in the broader market and regulatory landscape that could impact XRP’s journey in the coming months.