In recent months, market participants have been divided on the general sentiment behind the XRP price. Recent market developments have led many investors to adopt a negative outlook on the cryptocurrency’s price, especially considering its failure to reach new highs above $0.6. Moreover, this negative outlook was recently made even worse by the news of the SEC’s appeal of the ruling in the Ripple-SEC case.
One prominent analyst who has adopted a negative outlook on XRP is Max Kaiser. According to him, the XRP rally that community members have been waiting for will never happen.
Bitcoin maximalist says XRP price will not skyrocket
Max Keizer is a strong Bitcoin maximalist known for his position that Bitcoin is the only legitimate cryptocurrency. Keizer is known to criticize many altcoins, and XRP is not the only one. He recently pointed out on social media platform
However, Kaiser’s latest comments on XRP come during a testing period for cryptocurrencies. In the current situation, it appears that XRP price is once again under pressure brought about by the long-running lawsuit involving the SEC and its creator Ripple. This is because the SEC has appealed Judge Torres’ ruling in the Ripple case.
Kaiser shared a video on social media depicting a bird repeatedly failing to catch an insect in its beak, along with critical comments about XRP. He drew parallels between this bird’s futile attempts and XRP holders who have been waiting for XRP prices to rise for a long time. The video ended with the bird failing to capture its beak, implying that Kaiser believes XRP holders will never be able to capture the rise in XRP.
Current status of XRP
The recent settlement handed down by Judge Torres was initially seen as a major advance in Ripple’s favor, bringing new hope to XRP investors. However, the SEC’s subsequent decision to appeal the ruling reignited uncertainty and cast a shadow over the future of XRP prices, once again dampening optimism.
Unsurprisingly, news of the SEC appeal caused XRP’s price to plummet. On-chain data shows that this price drop started with some XRP whales moving their assets to crypto exchanges and possibly trying to sell them.
At the time of writing, XRP price is trading at $0.5413, reflecting an increase of 1.8% over the past 24 hours. However, the cryptocurrency has lost a significant portion of its market capitalization over the past week, dropping by 16.17% over the past seven days. As a result, XRP fell below stablecoin USDC in the market capitalization ranking.
Max Keizer is not the first Bitcoin maximalist to take a negative view of XRP. Other analysts have labeled the cryptocurrency dead in the past. Nevertheless, there are enough bullish supporters in the XRP community. According to one analyst, technical analysis shows that despite the SEC’s complaint, the XRP price chart shows an explosive rally in the macro time frame.
XRP price remains in tight zone | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
