In the ongoing legal tussle between Ripple and the United States Securities and Exchange Commission (SEC), prominent Ripple advocate and legal expert John Deaton recently veered from legal discourse to offer insightful commentary on XRP’s current pricing dynamics.
Taking to Twitter on May 29, Deaton expressed his astonishment at the prevailing market conditions, asserting that it is inconceivable for many investors to overlook the opportunity to acquire XRP while its price remains at a mere $0.48 per unit.
Deaton elaborated on this sentiment, emphasizing the potential ramifications of failing to recognize XRP’s current undervaluation:
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“XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.”
Amidst the legal turbulence surrounding Ripple, Deaton’s observations shed light on the speculative opportunities that lie within XRP’s pricing landscape. Noting that the fear of missing out (FOMO) effect may not take hold until XRP surpasses the $2 mark.
XRP price analysis
As the Ripple v. SEC saga unfolds, market analysts and investors alike eagerly await further developments, cognizant of the potential impact on XRP’s value and the subsequent implications for the broader cryptocurrency market.
XRP is currently experiencing a trading price of $0.4798, showcasing a notable 1.51% upward movement within the past 24 hours and a commendable 3.91% growth over the course of the last week.
It is worth noting that the XRP market is currently displaying a support level of $0.45267, indicating a level at which buying pressure has historically been substantial while simultaneously facing a resistance level of $0.50673, denoting a point where selling pressure has historically been significant.
Furthermore, XRP maintains a respectable market capitalization of approximately $24.9 billion.
Whale XRP investors
Renowned cryptocurrency trading analyst Ali Martinez recently highlighted a noteworthy trend in the XRP market, indicating a positive sentiment among prominent investors.
On May 26, Martinez revealed that large-scale investors, commonly referred to as whales, had acquired a substantial quantity of XRP over a three-week period, totaling an impressive 52 million XRP tokens, equivalent to an approximate value of $22.9 million.
The accumulation of such a significant amount of XRP by these influential market players suggests a bullish outlook on the token. Whales are known for their ability to exert substantial influence on cryptocurrency markets, and their recent buying activity in XRP is likely to capture the attention of investors and traders.
As the cryptocurrency landscape continues to evolve, the actions of these prominent players often serve as an important indicator of market sentiment. With the whale community demonstrating confidence in XRP through their substantial investments, it is anticipated that this positive sentiment could potentially drive further upward momentum for the token.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
