The asset already recorded an over 58% price gain in Q1 2023.
XRP is easily among the most criticized and disregarded cryptocurrencies among the top 10 cryptos by market cap. This is largely due to its relationship with Ripple, a blockchain payments firm with large XRP holdings used as a bridge currency within its cross-border payments solution.
To worsen the optics, in 2020, the U.S. Securities and Exchange Commission (SEC) launched a case against Ripple, alleging XRP to be an unregistered security. All these ensured that XRP’s price failed to create new highs in the 2021 bull run, unlike other leading crypto assets.
Nonetheless, the asset had an impressive price showing in Q1 2023, as investors anticipate a favorable ruling in the SEC case. XRP’s price recorded over 58% gains within the period. In comparison, ether (ETH) only recorded 52% gains.
XRP to the Moon?
In a tweet on Tuesday, prominent crypto YouTuber Ben Armstrong, popularly known as Bitboy, has tapped the asset to be the best performer in the next bull run. He said this would happen as long as Ripple receives a favorable settlement in the SEC case and there is no appeal.
“The suppression is almost over,” Bitboy surmised.
In my opinion, as long as $XRP gets at least a favorable settlement and no appeal, this will be the number one performing major coin of the next bull run.
The suppression is almost over.#xrparmy #ripple #crypto
— Ben Armstrong (@Bitboy_Crypto) April 4, 2023
The influencer’s statements have elicited several responses on the popular microblogging platform. While many in the XRP community agree with the influencer, others have tapped often-overlooked cryptocurrencies like Cardano’s ADA and Litecoin (LTC) as prime contenders.
Meanwhile, the influencer is not the only pundit that is bullish on the asset, as XRP’s latest price run has attracted unlikely supporters.
Strange Bedfellows
As reported last month, veteran trader Peter Brandt is significantly bullish on XRP, tapping it to reclaim 2018 highs if it fulfills a rare bottom chart pattern formed on its daily price chart.
The asset is now among the most viewed cryptocurrencies in North America and Oceania, as reported by The Crypto Basic yesterday.
According to pundits, a final ruling in the SEC v. Ripple case is expected in the first half of this year. There are three probable outcomes. As outlined by Ripple Chief Legal Officer Stuart Alderoty, the judge could rule in favor of the SEC or Ripple, or she could send the matter to a jury trial.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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