XRP is frequently criticized and considered an insignificant cryptocurrency among the top 10 by market cap. This is primarily because of its association with Ripple, a blockchain payments company with significant amounts of XRP used as an intermediary currency in its cross-border payments platform.
Adding to its unfavorable image, XRP faced another setback in 2020 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, claiming that XRP was an unregistered security. As a result, XRP could not achieve new price highs during the 2021 bull market, unlike other prominent cryptocurrencies.
Related Reading: John Deaton: XRP is the Most Resilient Crypto – Even a Nuclear War Won’t Stop it
Despite its past challenges, XRP showcased a remarkable price performance in Q1 2023, as investors eagerly await a favorable resolution in the ongoing SEC case. During this period, XRP achieved gains of over 58%, outpacing ether (ETH), which only recorded a 52% increase.
What A Favourable Settlement Could Mean for XRP
Popular cryptocurrency YouTuber Ben Armstrong, who goes by the name Bitboy, expressed his confidence in XRP’s potential to outperform other assets in the next bull run in a tweet on Tuesday. However, he noted that this would only be possible if Ripple reached a favorable settlement in the ongoing SEC case without any appeal.
Bitboy’s remarks have generated numerous reactions on the widely used microblogging platform. While some members of the XRP community support his views, others have suggested that lesser-known cryptocurrencies, such as Cardano’s ADA and Litecoin (LTC), could emerge as strong contenders in the next bull run.
Furthermore, the crypto YouTuber is not the only expert with an optimistic outlook on XRP, as the recent surge in its price has garnered support from unexpected quarters.
Brandt Supports Armstrong’s Claim
A report from last month revealed that experienced trader Peter Brandt has a notably positive stance on XRP, predicting that it could attain its 2018 highs if it fulfills a unique bottom chart pattern depicted on its daily price chart.
According to a report by The Crypto Basic released yesterday, XRP is one of the most popular cryptocurrencies in North America and Oceania, drawing significant attention from investors in these regions.
Related Reading: How Ripple and XRP Differ: Deaton Offers Clarification
Experts anticipate that a final decision in the SEC v. Ripple case will be reached in the first half of this year, with three possible outcomes on the table. As stated by Ripple’s Chief Legal Officer, Stuart Alderoty, the judge may rule in favor of either Ripple or the SEC or, alternatively, refer the case to a jury trial.
