Zach Rector, a well-known figure in the XRP community, has confidently stated that the period of price suppression for XRP is finally over, opening the door for the token to potentially skyrocket in value.
In his recent analysis, Rector pointed out that XRP showed resilience in the face of the SEC’s formal appeal application, maintaining a steady price of around $0.54 despite the news. This is a significant departure from previous instances where XRP experienced sharp declines in response to legal actions by the SEC.
Looking back at XRP’s performance during past SEC actions, we can see that the token faced considerable price volatility. For example, in October 2020, XRP dropped from $0.6058 to $0.5101 in just one day following the SEC’s appeal announcement. Similarly, in December 2020, XRP plummeted from $0.5678 to $0.2214 within a few days after the SEC’s lawsuit filing.
However, Rector believes that the current situation is different. He argues that the lack of a significant price reaction from XRP to the recent legal developments indicates that the suppression in price is no longer a factor. With the SEC not appealing the ruling that XRP is not a security, Rector is optimistic about XRP’s prospects in the current bullish market environment.
It is important to note that the information provided in this article is for informational purposes only and should not be interpreted as financial advice. Readers are advised to conduct their own research before making any investment decisions. The views expressed here are solely those of the author and do not necessarily reflect the opinions of The Crypto Basic.
