XRP's price recently hit a seven-month high of $0.665, driven by a market rally and Bitwise's XRP ETF filing, but fell by 12% following the SEC's appeal against Ripple. This legal challenge raised concerns about XRP's regulatory future.
Market expert Bobby A suggests the macro charts do not indicate a prolonged bear market. Bobby emphasizes that regulatory challenges often lead to missed opportunities for impulsive investors, maintaining that XRP can continue its upward trend despite short-term challenges.
Bobby highlights the resilience of XRP's price during past regulatory challenges, such as the SEC lawsuit beginning in 2020, where XRP rose from $0.11 to $1.95 despite legal headwinds. The emphasis is on XRP's strong macro base, consolidating for nearly seven years, which could lead to future price appreciation.
Technically, tight Bollinger Bands—a sign of potential significant price movements—are noted. Bobby argues against interpreting the current market conditions as the start of a bear market, suggesting XRP is positioned for deep value area capitulation.
Finally, Bobby noted that the US election could affect XRP's future. A Trump re-election might change SEC regulations, easing some of XRP's regulatory concerns. Currently, XRP trades at $0.522.
