Ripple’s XRP native token has been trading in the green after June’s core CPI rose 3.3% against the expected 3.5%. The data reads bullish for risky and volatile assets such as cryptocurrencies. Was it though?
Santiment says, “However, with many already anticipating a good report and prices being driven up in the days prior, this was a perfect ‘buy the rumor, sell the news’ event.”
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In the last three weeks, the crypto market has registered extreme volatility amid Mt. Gox BTC repayments and German government Bitcoin dumping. Data from CoinGecko shows that XRP trading is at $0.5154, which is a 10.2% spike in the last 24 hours.
XRP skyrockets, making a month of recovery
XRP’s price fell to as low as $0.3984 at the start of the month. This was the lowest XRP has been in almost a year. Ripple has gained 18% in the last week.
Jason Pizzino, a well-known crypto trader, questioned why people continue to love XRP in early March. He stated that XRP should not be included in anyone’s portfolio because it will never be as valuable as Bitcoin, even at its peak in 2017 when it reached $16K.
Pizzino adds, “Last cycle it managed 500% and is now at risk of breaking the SEC Lawsuit low; just 30% away. The only benefit to influencers talking about XRP is there is still a huge audience that wants to hear about the project and hopeful price projects that never come true.”
Pizzino suggested, “Even if it pumps this cycle, XRP must do over 2600% to break even against Bitcoin value from 2017 peak.” To that end, he cautioned traders that here “are just pure charts, data, and facts. The risk is on you if you buy.”
BTC temporarily rose above $59,000 on Thursday before dropping to $57,000. Among the majors, only XRP was in the green, up 5% in the last 24 hours.
The gains came as traditional futures behemoths CME and CF Benchmarks announced the launch of XRP indices and reference rates on Thursday, which Brad Garlinghouse, CEO of closely connected blockchain payments business Ripple, believes would promote institutional adoption.
Some traders believe that the present price slowdown is caused by market participants standing “on the sidelines” in the face of sales pressure from insolvent exchange Mt. Gox and the German state of Saxony.
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July 13 is an important date for Ripple, as noted by the company’s leaders in recent X postings. For perspective, on July 13, 2023, Judge Analisa Torres declared that XRP is not a security, causing a stir in the broader crypto market. Ripple’s Chief Legal Officer Stuart Alderoty says:
Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry in the litigation trenches – that runway is running out for the SEC. Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone.
Stuart Alderoty
The SEC has scheduled a close-to-public meeting on July 18, which could lead to a settlement in the lawsuit, freeing Ripple from years of legal trouble.
