A closely followed crypto strategist is predicting big rallies for XRP as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) heats up.
The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.
In a new strategy session, DonAlt says that XRP could pull off a massive rally if Ripple wins the lawsuit against the SEC.
“In general, I would like to hold this until the SEC news gets hotter because that’s kind of the narrative it has, and that’s one the factors in me wanting to buy this thing and me actually looking at it for so long. If they win the trial… I think it’s just going to giga moon basically… If that goes, a lot of people will buy back in. I will sell into that pump if I get it…
If Bitcoin was looking solid into $21,000, was just chilling, I would just hold this to $1 if not $2 or $3.”
From a technical perspective, DonAlt says that XRP is currently hovering close to a resistance level but says the top altcoin could still go higher depending on how the Ripple lawsuit plays out.
“I think at this level you either sell here ($.50)… or if you don’t sell here, I think you target $0.90. I think those are the realistic targets. If you get positive news on the SEC trial, you just don’t want to be selling. You want to be selling into very high [price levels] or until the momentum dries up, which I don’t think will happen anytime soon.”
The price of XRP has been on the rise after both Ripple and the SEC filed motions for a summary judgment. The moves essentially ask the judge to pick a side and end the trial without going to a jury.
At time of writing, XRP is trading at $0.483, down nearly 4% on the day.
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