Prominent crypto analyst CryptoInsightUK has given his opinion on whether the XRP The price could replicate the remarkable 61,000% gain in 2017. While the analyst sounded uncertain about how things could play out, he provided insight into what the future holds for XRP.
XRP Price A repeat of 61,000% will be more difficult
In a after on its X platform (formerly Twitter), CryptoInsightUK highlighted how XRP exploded in 2017. The crypto token is said to have posted a gain of 61,000% in 280 days. To whether a repetition is possiblehe said it would be more difficult because the market capitalization would have to be huge. However, he did not rule it out, saying it would be possible with ‘real-world utility’.
The crypto analyst seemed more focused on talking about the XRP Price Potential instead of talking about how high the token could rise. He alluded to the hate XRP receives and how when people feel that way, there is likely “value” in that asset. He also highlighted other factors that make the token stand out.
CryptoInsightUK mentioned that “XRP has had another 3 years of consolidation with most other cryptos.” This puts the token on a higher pedestal as it will enjoy greater expansion from a technical analysis perspective.
The analyst also talked about how XRP is the only crypto token that has overtaken ETH in market cap on more than one occasion. In one of them, it had a market share of around 20% in the total crypto market capitalization.
The crypto analyst quickly denied whether this meant he was suggesting that the XRP price could achieve these achievements again. He stated that only time will tell as he did not make any point but merely shared his thoughts.
The unique offering and positioning of XRP
In its post, CryptoInsightUK also mentioned that “XRP is in a unique position.” He referred to how XRP is “the only altcoin that offers legal clarity.” This clarity stems from Judge Analisa Torres’ ruling that XRP is not a safety in itself. That’s another factor he believes makes XRP stand out as the regulatory landscape is only just building.
Ripple’s chief legal officer Stuart Alderoty had repeated earlier similar sentiments when he talked about how Judge Torres’ ruling helped XRP achieve a unique status. He specifically mentioned the fact that XRP is now “uniquely classified” as a non-security in the US. The unique status is more important considering that the U.S Securities and Exchange Commission (SEC) continues to pursue a large number of crypto tokens as securities.
Token price reclaims $0.61 | Source: XRPUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com