As the crypto world marks the 2,070th day since XRP’s record-breaking surge to $3.84 in early 2018, enthusiasts are taking stock of the journey and pondering the future. In a tweet, Alex Cobb, a distinguished presence within the XRP community, offers his insights into XRP’s present condition, shaped by years of committed value investing and a recent triumph in the legal battle against the SEC.
XRP holders eagerly anticipated the outcome of the Ripple vs. SEC lawsuit, closely monitoring legal documents and insights shared by prominent legal experts within the community. Upon the highly anticipated Judge Torres ruling in favor of Ripple, a resounding victory was declared, propelling XRP into a surge, as its value surged from $0.45 to $0.95 in hours.
A key element was the rally’s exclusive reliance on XRP’s momentum. While XRP enthusiasts reveled in their victory, other cryptocurrencies lagged. Tech billionaire Elon Musk indirectly acknowledged this triumph by liking a post from Coinbase’s Chief Legal Officer Paul Grewal. XRP dominated the crypto scene, prompting Bitcoin and Ethereum purists to cast doubts and concerns, apprehensive about its potential security classification.
However, Alex Cobb believes this rally was only a part of the story. The broader crypto market was not in a bull run, and the Securities and Exchange Commission’s (SEC) appeal and media FUD campaigns dampened XRP’s victory celebration.
Comparing victory to XRP’s performance during the 2021 crypto bull season, which went from $0.17 to nearly $2.00, raises questions. Even though XRP experienced an 11x increase during a legal dispute, winning the case led to a 2x gain. Cobb contends that the contrast could be attributed to the broader market conditions. Bitcoin and Ethereum reached unprecedented highs, and XRP followed suit.
XRP could have shattered its previous all-time high if this victory occurred during a bull market. From a broader perspective, Cobb believes that the market is currently in the “disbelief” phase, which indicates the potential for a future surge beyond $15.00.
Cobb identified several events that could shape XRP’s trajectory. These include the possibility of BTC, ETH, and XRP simultaneously entering a bull market, potential approval of a BTC ETF, Ripple’s rumored IPO with a 98% likelihood, Ripple SWELL in November, and ongoing legal battles involving prominent figures within the Ripple ecosystem.
In the realm of Ripple, a series of significant developments are unfolding. These encompass the ongoing legal battles involving notable figures within the Ripple ecosystem, a forthcoming celebratory event in New York hosted by Ripple for the XRP community, the imminent BTC block reward halving, potential deliberations surrounding an XRP ETF, Ripple’s resurgence into the US market bolstered by newfound legal clarity, and the steady advancement of Ripple’s Central Bank Digital Currency (CBDC) initiatives.
