The Current State of XRP
XRP has experienced a 3% dip in the past 24 hours, with its current price at $0.60. Despite a drop in trading volume, there is hope for a December surge that could lead to a 20% increase and a price of $0.75. However, for this to happen, the bull flag scenario needs to play out and trigger a significant rebound. Ripple’s IPO delay has added to XRP’s resilience, but more positive scenarios are needed for further growth.
Accumulation Among Top Addresses
There are bullish trends brewing in XRP’s on-chain data. The accumulation of XRP among top addresses, which hold between 100,000 and 10 million tokens, has seen a significant spike. These “whales” have invested $6.82 million in XRP over the past week, indicating their belief in an imminent price rise.
Deaon and Ripple CEO Criticize Key Figures
XRP Lawyer John Deaton has criticized former SEC officials Jay Clayton and Bill Hinman, as well as current SEC Chair Gary Gensler, for their handling of crypto regulations in the U.S. Deaton blames the SEC for hindering crypto growth but remains optimistic about XRP’s potential to replace Bitcoin in the long run.
Crypto Community Reacts to SEC’s ETH Controversy
Ripple CEO Brad Garlinghouse and pro-XRP lawyer Bill Morgan have expressed concerns about potential favoritism towards Ethereum within the SEC. They question Clayton’s statements and highlight his connections to Ethereum. The clash between regulatory authorities and the crypto community highlights the uncertainties faced by XRP.
What Lies Ahead
Legal experts believe that Ripple and the SEC may reach a deal before the trial restarts in April 2024. John Deaton suggests that any deal below $20 million would be a significant win for Ripple in most cases.
Hot Take: XRP Faces Challenges Amidst Hope for Growth
XRP’s current state shows both challenges and potential for growth. While there is optimism about a December surge and increased accumulation among top addresses, criticisms of regulatory authorities and uncertainties within the crypto community pose hurdles for XRP. However, legal experts predict the possibility of a favorable outcome for Ripple in its ongoing legal battle with the SEC.
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