The post XRP Price Rally Will Never Happen: Warns Max Keiser appeared first on Coinpedia Fintech News
XRP has dropped by nearly 15% so far in October, with the losses primarily driven by the US SEC’s appeal in the Ripple lawsuit. While some analysts see XRP’s drop as a buying opportunity, some analysts assert that an XRP rally is never going to happen.
Analysts Predict Major XRP Rally Based on 2017 Pattern
Analysts have cited the historical price patterns and recent whale accumulation, which suggest that the XRP price could be set for a massive rally in the coming months.
Analyst CryptoBull had highlighted a striking similarity between XRP’s current price behavior and its 2017 bull market trajectory. XRP had consolidated within a symmetrical triangle pattern before breaking out and rallying by 66,240% to a record high of $3.31. Notably, as of October 2024, the asset is nearing the peak of a similar triangle structure, as caught on its monthly chart. If XRP follows the historical precedent, then a breakout could lead to substantial gains.
Max Keiser’s Teasing Remarks on XRP Rally
However, the SEC’s latest move of filing an appeal in the Ripple lawsuit could create a significant headwind for XRP’s bullish momentum. This is particularly if the agency successfully argues that XRP’s secondary sales to retail investors violated US securities laws.
On the other hand, a vocal Bitcoin maximalist, Max Keiser has teased XRP holders in a recent X post, saying that the XRP rally is never going to happen. Over the past few years, Keiser has been a Bitcoin advisor of El Salvador’s President, Nayib Bukele. The country had adopted BTC as its official and the only legal currency for its citizens.
Being a Bitcoin maximalist, Keiser constantly criticizes altcoins, especially top ones, like XRP, SOL, ADA, and ETH, terming to them as centralized “s-coins.” Once, Keiser tweeted that he agreed with the SEC and its chairman Gary Gensler’s policy that claimed altcoins to be unregistered securities as the agency sued various crypto platforms in the U.S.
Earlier in May, Keiser had tweeted that XRP was made “to steal billions from witless fools,” as he referred to the SEC vs Ripple case that has been running since the end of December 2020.
Keiser’s comment comes as the SEC filed an appeal against the ruling of Judge Analisa Torres in its lawsuit against Ripple. However, the SEC has yet to provide a more detailed explanation to defend its decision to challenge the ruling.