The general sentiment behind the XRP price has been divided between market participants in recent months. Recent market dynamics have seen many investors adopting a negative outlook for the cryptocurrency’s price, especially considering its failure to break into new heights above $0.6. Furthermore, this negative outlook has been recently exacerbated by news of the SEC’s appeal of the judgement of the Ripple-SEC lawsuit.
One notable analyst who has adopted a negative outlook on XRP is Max Keiser. According to him, the XRP rally that members of the community are waiting for is never going to happen.
Bitcoin Maximalist Says XRP Price Rally Isn’t Going To Happen
Max Keiser is a strong Bitcoin maximalist known for his stance on Bitcoin being the only legitimate cryptocurrency. Keiser has been known to criticize many altcoins, and XRP isn’t just the only one. Recently, he noted on social media platform X that Solana has already reached its all-time high against Bitcoin, and he predicts a downward trajectory for the asset moving forward.
However, Keiser’s latest comment regarding XRP has come amid trying times for the cryptocurrency. With the current situation, the XRP price seems to be back under the pressure brought about by the prolonged lawsuit involving the SEC and Ripple, its creator. This is because the SEC has now filed an appeal against Judge Torres’ ruling in the Ripple case.
Alongside his critical commentary on XRP, Keiser shared a video on social media depicting a bird repeatedly failing to catch a worm in its beak. He drew a parallel between the bird’s futile attempts and XRP holders who have been waiting so long for an XRP price rally. The video ended with the bird failing to capture the beak, meaning Kaiser believes XRP holders are never going to be able to capture an XRP rally.
Current State Of XRP
The recent settlement ruled by Judge Torres was initially seen as a major breakthrough in favor of Ripple, bringing renewed hope to XRP investors. However, the SEC’s subsequent decision to appeal the ruling has reignited uncertainty and cast a shadow over the future of the XRP price, dampening optimism once again.
Unsurprisingly, the news of the SEC appeal sent the price of XRP spiraling downwards. On-chain data shows that this price drop was kickstarted by some XRP whales moving their assets into crypto exchanges, probably in moves to sell them off.
At the time of writing, the XRP price is trading at $0.5413, reflecting a 1.8% gain over the last 24 hours. However, the cryptocurrency has shed a significant portion of its market cap over the past week, losing 16.17% in the last seven days. This, in turn, pushed XRP below stablecoin USDC in market cap rankings.
Max Keiser isn’t the first Bitcoin maximalist to provide a negative outlook on XRP. Other analysts have labeled the cryptocurrency as dead in the past. Despite this, the XRP community has enough bullish advocates to go around. According to one analyst, technical analysis shows that the XRP price chart is signaling an explosive rally in the macro timeframe despite the SEC appeal.
Featured image created with Dall.E, chart from Tradingview.com
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