In a recent tweet, crypto analyst Dark Defender shared his insights regarding the current state of XRP relative to Bitcoin (XRP/BTC).
According to Dark Defender, the digital asset experienced a reversal in July and August and is now positioned at a crucial point, similar to where it stood in 2017 and 2021.
He further predicted that XRP’s market dominance would increase starting in November. This perspective has sparked significant discussion among the crypto community members.
Dark Defender’s Prediction
The analyst highlights that XRP/BTC has reached a pivotal stage, where historical patterns indicate potential significant market movements.
The reference to XRP’s position being akin to its levels in 2017 and 2021 is noteworthy, as both periods marked key moments for the cryptocurrency.
In 2017, the entire cryptocurrency market experienced a massive bull run, during which the token surged in value. Similarly, 2021 saw another substantial upward trend for XRP despite ongoing regulatory challenges.
Dark Defender’s suggestion that XRP dominance could start to rise in November aligns with his interpretation of the cryptocurrency’s technical chart patterns. While many traders rely on technical analysis for future market movements, this method has limitations, particularly in the volatile cryptocurrency space.
Community Responses: Skepticism and Regulatory Concerns
The tweet has sparked responses from the cryptocurrency community, with varying degrees of agreement and skepticism.
One user, @OneTcr, responded , “what happen to uptober??? Is that a thing anymore or it didn’t work out so the narrative changed to no movement November for next month.”
The user’s remarks suggest frustration with the constant shifts in market expectations and the unreliability of short-term predictions as October, often referred to as “Uptober” due to its historically positive price movements, has not delivered the anticipated gains in 2024.
Another user, @AntiGaryGensler, introduced a different perspective, attributing XRP’s suppressed price action to regulatory factors in the United States.
The user commented, “SEC does not allow XRP token to grow. The reason is that most people in the US have significant wallets of XRP, they want people to get bored and sell their tokens. Vote for Trump.”
This comment touches on a widely held belief among some XRP supporters that regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC), have hindered the token’s growth.
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The Ripple vs. SEC Case: A Lingering Concern
The XRP community’s concerns about the SEC’s role in XRP’s price action are not unfounded. The SEC initiated a lawsuit against Ripple Labs, the major distributor of XRP in December 2020, alleging that the sale of the token constituted an unregistered securities offering.
Ripple has been in a lengthy legal battle, arguing that XRP is not a security and that the SEC’s actions have harmed investors.
In July 2023, Ripple recorded a partial victory when Judge Analisa Torres ruled that XRP is not a security when sold on secondary markets like cryptocurrency exchanges.
This ruling was a significant win for Ripple and the broader cryptocurrency industry. However, the SEC has continued to pursue the case, recently filing an appeal against the decision .
The regulatory uncertainty surrounding the token has undoubtedly impacted its price, and some market participants believe that the case has prevented XRP from reaching its full potential.
The belief that U.S. regulators are intentionally stifling XRP’s growth is shared by some in the cryptocurrency community. They argue that the SEC’s ongoing actions create uncertainty and deter potential investors.
The broader geopolitical and political implications of this view are evident in @AntiGaryGensler’s call for political action, urging followers to vote for former President Donald Trump, implying that a change in the U.S. administration could lead to more favorable conditions for XRP and other cryptocurrencies.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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