The cryptocurrency market continues to experience volatility, and XRP has been one of the biggest losers in recent weeks, with its price dropping nearly 15% in October. This decline is largely attributed to the U.S. Securities and Exchange Commission’s (SEC) appeal in the ongoing Ripple lawsuit. However, while some analysts see this drop as a long-term buying opportunity, Bitcoin maximalist Max Keiser disagrees. He claims that XRP and several other altcoins will never see a significant rally.
XRP’s Triangle Formation Signals Potential for a Breakout
Crypto analyst CryptoBull recently noted that XRP’s current price action mirrors its behavior during the 2017 bull market, where the cryptocurrency consolidated in a symmetrical triangle before skyrocketing by 66,240%, reaching its all-time high of $3.31. As of October 2024, a similar triangle pattern has formed on XRP’s monthly chart, suggesting the potential for a bullish breakout.
Symmetrical triangles often signal strong price movements, and if XRP breaks above the $0.52 resistance, analysts predict the price could surge to $23.40 by June 2025, representing a massive 4,200% gain for investors. However, this optimistic scenario hinges on several factors, including market sentiment and external developments.
Legal Risks Loom for XRP
Despite the bullish technical outlook, XRP faces significant risks from the ongoing SEC lawsuit. If the SEC successfully argues that Ripple’s secondary sales of XRP violated U.S. securities laws, the price could fall below the lower trendline of the triangle. In this case, XRP could plummet to $0.11, marking a 78.25% loss from current levels.
The SEC’s appeal remains one of the biggest hurdles for XRP, and any unfavorable rulings could derail the potential for a price rally. Investors will need to closely monitor the case as it unfolds.
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Max Keiser’s Harsh Critique of Altcoins
Max Keiser, a well-known Bitcoin maximalist, remains highly skeptical of XRP’s future. He has repeatedly criticized XRP and other altcoins, such as Solana (SOL), Cardano (ADA), and Ethereum (ETH), labeling them as “centralized garbage coins.” According to Keiser, these projects are bound to fail due to their centralized nature and regulatory challenges.
Keiser supports SEC Chairman Gary Gensler’s stance that altcoins are unregistered securities and believes that XRP was created to deceive investors. He also pointed out that Ripple’s legal battle with the SEC has cost the company over $200 million, a financial burden that he believes will weigh heavily on Ripple’s future operations.
XRP holders waiting for the rally that is NEVER GOING TO HAPPEN. pic.twitter.com/Ja23aREFZM
— Max Keiser (@maxkeiser) October 5, 2024
Conclusion: Will XRP Rally or Fade?
While XRP shows technical promise with its triangle formation, the ongoing legal risks and negative sentiment from critics like Max Keiser could limit its potential. Investors should be cautious, as both bullish and bearish scenarios are in play for XRP. Meanwhile, Keiser‘s criticism of XRP and other altcoins highlights the ongoing debate about the future of the crypto market, with Bitcoin maximalists continuing to dominate the conversation.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
