XRP has been experiencing a positive market trend. Ripple supporters may have been skeptical if they were told about this year's success in advance, but the cryptocurrency has seen significant progress in the crypto market, and we are now celebrating these achievements.
After the ruling from a judge that XRP wasn't a security, it led the crypto on a bullish run, increasing by more than 60%. Not only did the XRP price increase, but the market cap also added billions of dollars into the digits.
While the celebration is still on among the crypto community, a famous crypto trader is telling everyone to pipe down. Since many XRP price predictions are speculating about the token passing its all-time high, this crypto trader has another opinion. He says XRP passing its all-time high might never happen again. How can this be true?
XRP Will Never Reach All-time High — Popular Analyst Says
The pseudonymous analyst, known as “The Wolf,” shared his thoughts about the new XRP price predictions that it might pass an all-time high. His opinion sparked a full-blown disagreement among crypto brethren, with many saying the token has the potential of reaching and passing its all-time high again.
The name "The Wolf" holds a lot of respect in the world of cryptocurrency due to the insightful analysis provided by its owner. However, there has been some controversy surrounding a recent claim that XRP may never reach its previous peak again.
#XRPArmy be like, "This time, it's different".
— The Wolf (@WolfOfPoloniex) July 18, 2023
Remember to tell yourselves that when Ripple Foundation dumps hundreds of millions of tokens on you, in 2 weeks.
There's a reason $XRP has never, and will never, break into a new ATH. It's called "inflation"... Google it. pic.twitter.com/iMUAl9X22x
Many were quite perplexed by the statement. After all, XRP was enjoying some of the best periods since the year started. With XRP's price today, nobody even thought it would be close to reaching $1.
In regard to the recent developments with XRP, the Securities and Exchange Commission has accused Ripple, the parent company, of selling illegal securities for many years. As a result, several companies have disassociated themselves from Ripple to protect their own interests. However, the biggest impact has been on the price of the cryptocurrency. Investors are hesitant to invest in XRP as the legal outcome of the case remains uncertain.
Out of the blue, Judge Analisa Torres, a district judge at the United States District Court for the Southern District of New York, gave her ruling.
She said:
"XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract."
Also Read: XRP to $1 — Will it Happen Now or Later?
XRP Supporters to Remain Cautious
Since the ruling, many XRP supporters have been ecstatic about their expectations of XRP's progress. But it is also important to note that this ruling is just a partial one, as the case is still in court.
Wolf says Ripple investors should be careful as Ripple Labs might take decisions that might not favor the market. He pointed out that Ripple Labs habitually releases large amounts of tokens in the market.
Wolf believes this is one of the top contributors to why the cryptocurrency has stagnated in breaking its all-time high. According to Wolf, if Ripple Labs should change its ways, there might be a conversation about XRP breaking an all-time high. Right now, Wolf's opinion has been filled with mixed reactions, with some people agreeing and others disagreeing with him.