Zach Rector, a widely followed commentator in the XRP community, has boldly asserted that the “suppression” in the price of XRP is over and that the token is free to soar astronomically.
Rector shared this sentiment in his latest commentary on X after observing XRP’s price action on Friday, following the SEC’s formal appeal application filed with the court. He emphasized that XRP’s price did not react substantially negatively to the news of the SEC’s formal appeal compared to historical occurrences.
Indeed, XRP maintained a stable price at around $0.54 throughout Thursday and Friday, even amidst heightened discussion within the XRP community regarding the details of the SEC’s appeal.
As of press time, XRP continues to trade around the $0.54 price point, showing no notable gains or declines. This stability contrasts sharply with the historical price drops during the SEC’s legal actions.
XRP Historical Performance Amid SEC Action
On October 2, XRP traded at a daily peak of $0.6058 but plummeted to $0.5101 by October 3 following the public disclosure of the SEC’s decision to appeal. However, XRP’s price rebounded by October 4 despite the SEC’s further steps to lodge the appeal against Ripple in the Second Circuit court system.
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Meanwhile, the crash in 2020, triggered by the SEC’s initial lawsuit filing, was more dramatic and prolonged. On December 20, 2020, XRP’s price was $0.5678, but it plummeted 61% to $0.2214 by December 23.
The decline accelerated as exchanges began to delist XRP. By the end of December, the price had fallen to $0.1748—a staggering 70% drop from its initial value.
XRP Price “Suppression Is Over”
Given that XRP experienced minimal loss on Friday amid the latest legal action related to Ripple, Zach Rector argued that it clearly indicates that the suppression of XRP’s price is over.
He emphasized that there is no reason why XRP should not participate in this season’s bull market, especially as its legal status is now clearer. Furthermore, the SEC is not appealing the ruling that XRP is not a security, as that matter has been settled. In his words, “No more excuses; it is time for XRP to shine.”
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Source: https://thecryptobasic.com/2024/10/19/expert-says-xrp-free-to-run-price-suppression-is-over/?utm_source=rss&utm_medium=rss&utm_campaign=expert-says-xrp-free-to-run-price-suppression-is-over