Renowned trader Peter Brandt has predicted that XRP will reach a minimum target of $3 with the formation of a rare bottom pattern. Despite being a skeptic of altcoins, Brandt has added XRP to his watchlist due to its recent price action.
In a weekly report to his Chart Wizards community, Brandt wrote, “Truly an OG crypto project, I’d have rather watch paint dry for 5 years than hold XRP, and it would have been equally as profitable.” However, he now sees potential in XRP due to the formation of a rare bottom pattern that could lead to significant gains.
XRP Impresses With Recent Price Action
XRP has continued to stand strong amid the shaky market, jumping 22% to $0.581 over the past seven days. The token continues to gain on expectations that Ripple Labs, whose crypto payment network is powered by XRP, may win a favorable ruling in a lawsuit filed against the company by the U.S. Securities and Exchange Commission (SEC).
The SEC charged Ripple with selling an unregistered security, which is XRP. Ripple Labs President Monica Long has said that the implications for the case are broad-reaching for the crypto industry because this decision will ultimately set a precedent for how the U.S. government will look at categorizing crypto assets and regulating them.
Should the SEC emerge victorious, it will rule over the industry with an iron fist, thereby stomping on innovation and the freedom that these technologies bring.
XRP’s Security Status
Ripple CTO David Schwartz recently took to Twitter to address concerns regarding the security status of XRP. David clarified that XRP ceased to be a security when the company relinquished its control over the XRP Ledger, allowing others to maintain it as well.
The debate is really mainly focused on the degree of Ripple’s control over XRP Ledger and the implications of this control on the digital asset’s classification as a security. To this, David stated that Ripple’s actions were for convenience and not out of necessity, emphasizing that there were no significant obstacles preventing others from possessing the ledger.
In any case, on-chain analysts suggest that XRP may dip in the coming days. Despite this, many traders and investors are bullish about XRP’s prospects, given the recent price action and the potential for a favorable ruling in the infamous lawsuit.