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Ripple Win Over SEC Could Spark Altcoin Rally, Says Analyst

Wed, 03/29/2023 - 13:11
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Tomiwabold Olajide
Ripple win in SEC lawsuit might trigger altcoin rise
Ripple Win Over SEC Could Spark Altcoin Rally, Says Analyst
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Crypto analyst and economist Alex Kruger weigh in on the imminent Ripple-SEC lawsuit decision and its implications for the crypto industry.

Speaking from a price action viewpoint, he believes a Ripple victory over the SEC might translate into an "alt season."

"So follow that closely, even if not long the Standard," he added, without explaining what he meant by this.

To new users who might not be familiar with the term "alt season," this refers to a period when the prices of altcoins greatly increase and outperform Bitcoin.

Several things can cause an altcoin boom, even though the precise cause is difficult to pinpoint. Analysts believe that a positive trend in the top 20 major altcoins, in particular, could start a wider altcoin season.

XRP and crypto industry might take off

As reported by U.Today, the founder of Gokhshtein Media, David Gokhshtein, predicted that XRP and the entire cryptocurrency industry would take off once Ripple wins its lawsuit against the SEC.

A similar opinion was shared by pro-Ripple lawyer John Deaton, who believes XRP has the most attractive risk/reward ratio and that its price could skyrocket if the court rules in favor of Ripple in its ongoing legal battle with the SEC.

In a new tweet, Deaton refers to XRP as the "comeback coin" given the criticism and the setbacks it faced regarding the SEC lawsuit.

At the time of writing, XRP was up 20% in the last 24 hours at $0.571, outperforming major cryptocurrencies like Bitcoin and Ethereum and the rest of the top 10 in daily and weekly gains.

The optimism regarding the Ripple lawsuit, regarding which some believe a decision would come soon, likely contributed to the rise in the XRP price.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.