The XRP price experienced a significant increase after this Judge Analisa Torres’ ruling in favor of Ripple against the U.S. Securities and Exchange Commission (SEC). However, a crypto analyst has explained why the token is unlikely to see such a similar trajectory until the year is out.
XRP Price to End 2023 on a Low
In a tweet Jungle, a prominent figure in the XRP community, shared on his X platform (formerly Twitter) stated that he “doesn’t believe the end of 2023 will be great for XRP.” However, it is not just XRP that he believes will bottom out, as he believes “crypto in general” will not have as much success in the remaining months of this year.
Jungle’s belief stems from the fact that many consumers are currently experiencing financial difficulties, which may prevent them from investing in cryptocurrencies. He also mentioned the fact that the Federal Reserve continues to raise interest rates in an effort to keep inflation low. This move ultimately limits consumer spending, with many focusing only on what they deem necessary.
He predicts that the financial market will take even more hits before the year is out, stating that crypto “will not be immune to the pain.” According to him, now does not feel like a “great time for growth,” further dampening the hopes of anyone who had a positive outlook for the crypto market for the remaining months of this year.
Jungle’s comment comes at a time when the The crypto market is experiencing low trading volume across the board, indicating that traders are not actively participating in the market. One reason could be that they have little or nothing to invest in the market, and so prefer to stay outside for the time being.
Token price returns to pre-judgment levels | Source: XRPUSD on Tradingview.com
Light at the end of the tunnel
However, Jungle said there are positives to look forward to for XRP and the crypto market in general. He noticed that Judge Torres’ rulingnext to a stablecoin XRPL and a AMM capabilitywill lead to significant growth of the ripple ecosystem.
He also mentioned certain factors and events that could boost the value of the crypto market in the coming year. One of these events is that the SEC… current ETF applications by certain traditional financial institutions. An approval from the SEC will see institutions such as Black rockTo marry ARK Invest onboarding a new class of investors in the crypto industry.
The Bitcoin halving taking place in the first half of 2024 is another event that Jungle has predicted will help increase the value of the crypto market. The value of Bitcoin and other cryptocurrencies is expected to increase significantly once the halving takes place.
Delphi Digital co-founder Kevin Kelly had previously noted that Bitcoin’s halving was a key metric in determining when the next bull run would occur, as he then noted that the last two halvings occurred 18 months after BTC bottomed and 7 months before it broke to a new all-time high (ATH).
Featured image of Admiral Markets, chart from Tradingview.com
