Top Bitcoin trader Elite Crypto is bullish on XRP and believes it has “moon potential” if Ripple wins the SEC lawsuit.
In a recent tweet, a prominent Bitcoin trader in the crypto community expressed his bullish stance for XRP. The trader with X handle Elite Crypto proclaimed that he holds a substantial amount of XRP.
Elite Crypto noted that he had kept accumulating XRP while market participants were wary of the digital asset. He said his XRP accumulation spree spanned the period investors sold off XRP due to the SEC’s regulatory pursuit.
In his words:
“I’m holding a bag of XRP in my portfolio and I have kept buying during the dumps due to SEC cases.”
I'm holding a bag of #XRP in my portfolio and I have kept buying during the dumps due to SEC cases. At first, there was this major drawback with them and still is, i.e. the large number of tokens held by #Ripple labs itself which makes it more like centralised.
But, I always… pic.twitter.com/oFyciQNnpk
— Elite Crypto (@TheEliteCrypto) August 30, 2023
Why XRP Sell off?
Meanwhile, the Bitcoin trader stated that the people dumping XRP did not consider the lawsuits the only concern. According to him, they fled XRP because Ripple holds a significant XRP amount, making the ecosystem appear centralized. Elite Crypto mentioned that the Ripple factor remains an existing concern.
It is worth mentioning that the Ripple and XRP communities have consistently argued against the notion of XRP’s centralization. Ripple holds a substantial amount of the asset in escrow accounts, subject to monthly unlocks.
XRP to the Moon
Regardless, the Bitcoin trader praised the Ripple team for their effort in the lawsuit against the US securities regulator. Elite Crypto mentioned that Ripple’s resilience in the court case has positively impacted its business development.
Moreover, the Bitcoin influencer expressed that Ripple has built a formidable brand business that is impacting XRP’s market position. He spotlighted XRP’s increasing trading volume alongside the digital asset’s growing appeal to the investing public.
Specifically, the market chart accompanying the tweet indicated that $259.63 million worth of XRP was traded on the Binance exchange in the past day. Meanwhile, CoinMarketCap’s 24-hour data shows market participants traded nearly $1 billion XRP.
Based on the Ripple factor and the growing XRP appeal, the Bitcoin trader concluded that XRP was on track for a significant uptrend. He remarked, “Moon potential if they end this lawsuit banter once and for all.”