As Ripple continues its legal battle with the U.S. Securities and Exchange Commission (SEC), John Deaton, a legal expert and staunch Ripple supporter, recently shifted from discussing legal matters to analyze XRP’s present price trends.
In a tweet dated May 29, Deaton conveyed his surprise at the existing market scenario, insisting that it’s bewildering for numerous investors to ignore the chance to purchase XRP at its current bargain price of just $0.48 per unit.
He expanded on this point, accentuating the possible consequences of neglecting XRP’s evident undervaluation:
During the ongoing legal controversy involving Ripple, Deaton’s perspective highlights the speculative potential harbored within XRP’s pricing framework. He points out that the FOMO effect may not surface until XRP breaches the $2 threshold.
XRP Price Prediction – Watch out for This Level
With the unfolding Ripple vs. SEC drama, market observers and investors alike are on the edge of their seats for further revelations, mindful of the potential ripple effect on XRP’s price and the subsequent repercussions for the wider crypto market.
At present, XRP records a trading price of $0.51, illustrating a significant 2% ascent over the past week.
Currently, the XRP market exhibits a support level at $0.44, suggesting a point where historical buying interest has been substantial, while confronting a resistance level at $0.50, which was recently breached. IF XRP sustains this price area, the next target would be $0.60.
XRP’s large investors on the move?
Prominent crypto trading analyst, Ali Martinez, recently spotlighted an encouraging trend in the XRP market, implying a positive disposition among leading investors.
On May 26, Martinez disclosed that large investors, often termed as whales, had amassed a considerable quantity of XRP during a three-week period, reaching a staggering 52 million XRP tokens, equating to an estimated value of $22.9 million.
The procurement of such a significant volume of XRP by these powerful market forces suggests a bullish sentiment towards the token. As whales are recognized for their capacity to notably influence crypto markets, their recent XRP buying spree is set to draw investor and trader interest.
In the ever-evolving crypto environment, the maneuvers of these eminent actors often act as a crucial barometer of market sentiment. With the whale cohort exhibiting confidence in XRP through their hefty investments, it’s anticipated that this upbeat sentiment could potentially catalyze further price appreciation for the token.
