Prominent crypto analyst CryptoInsightUK has given his thoughts on whether or not the XRP price can replicate the notable 61,000% gain it enjoyed back in 2017. Although the analyst sounded uncertain about how things could pan out, he provided insight as to what the future holds for XRP.
XRP Price Repeating 61,000% Move Will Be Harder
In a post on his X (formerly Twitter) platform, CryptoInsightUK highlighted how XRP exploded in 2017. The crypto token is said to have seen a 61,000% gain in 280 days. As to whether a repeat can happen, he mentioned that it would be harder as the market cap would have to be huge. He didnāt rule it out, though, as it would be possible with āreal-world utility.āĀ
The crypto analyst seemed to be more focused on talking about the XRP price potential rather than talking about how high the token could rise. He alluded to the hate that XRP receives and how when people feel such a way, there is probably āvalueā in that asset. He also highlighted other factors that make the token stand out.
CryptoInsightUK mentioned that āXRP has had another 3 years of consolidation to most other cryptos.ā This places the token on a higher pedestal as it bounded to enjoy greater expansion from a technical analysis angle.Ā
The analyst also spoke about how XRP is the only crypto token that has overtaken ETH in market cap on more than one occasion. On one of them, it enjoyed about 20% market share in the total crypto market cap.Ā
The crypto analyst was quick to disclaim whether that meant he was suggesting that the XRP priceĀ could achieve these feats again. He stated that only time will tell as he wasnāt making any point but only sharing his thoughts.Ā
XRPās Unique Offerings And Positioning
In his post, CryptoInsightUK also mentioned that āXRP is in a unique position.ā He was referring to how XRP āis the only altcoin that has legal clarity.ā This clarity comes from Judge Analisa Torresā ruling that XRP is not a security in itself. That is another factor that he believes makes XRP stand out, considering that the regulatory landscape is only just building up.Ā
Rippleās Chief Legal Officer Stuart Alderoty had previously echoed similar sentiments when he mentioned how Judge Torresā ruling helped XRP attain a unique status. He specifically mentioned the fact that XRP was now āuniquely classifiedā as a non-security in the US. The unique status is more significant considering that the US Securities and Exchange Commission (SEC) continue a host of crypto token as securities.Ā
Token price reclaims $0.61 | Source: XRPUSD on Tradingview.comĀ
Featured image from Bitcoinist, chart from Tradingview.com
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