XRP stays above $0.50 despite SEC lawsuits; Ali Charts warns of social media impact and potential downside for XRP’s price.
Following the recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major crypto exchanges Binance and Coinbase, the price of XRP has stayed above $0.50, in contrast to the widespread dip that rocked most other altcoins.
However, Ali Charts, a popular crypto analyst on Twitter, expressed concern about the situation, noting that the surge in social media mentions related to Ripple indicates a lack of confidence in XRP’s price performance.
— Ali (@ali_charts) June 8, 2023
The SEC’s legal actions against Binance and Coinbase sent shockwaves through the crypto market, especially as the regulator added dozen of altcoins to the list of assets it considers security, as reported by The Crypto Basic.
This event tipped the crypto market, with most tokens trading in the red. However, XRP managed to maintain its value above the $0.50 mark, which could be seen as a positive sign. It should be noted that the SEC did not mention XRP in the suits.
Despite the apparent strength of XRP, Ali Charts highlighted a potential downside for the coin, possibly an imminent dump.
“Although this may seem like a sign of strength for #Ripple, the crowd is well aware of it as mentions on social media surged. This isn’t good for the price of #XRP,” the trader remarked.
While the analyst envisages a possible negative trend for XRP, data from the most popular market tracker, CoinMarketCap, tells a different story. Crypto traders bought and sold over $1.2 billion worth of XRP in the last 24 hours, with a positive cumulative seven days performance above 4%, unlike other coins.
According to a recent report by The Crypto Basic, XRP emerged as the top-performing asset in the crypto market over the past months, boasting a remarkable 12.8% monthly growth despite factors that could have necessitated a dip.
XRP also boasts exceptional year-to-date performance of over 50%. Crypto Investors are likely hopping on XRP, given that the multi-year suit between Ripple and the SEC is about to end, with experts predicting XRP above $10.