A widely followed crypto analyst is expressing bullish sentiment on XRP after a US court rejected the U.S. Securities Exchange Commission’s (SEC) attempt to appeal a decision that partly went in Ripple’s favor in July.
Pseudonymous trader Credible Crypto tells his 346,700 followers on the social media platform X that the rejection of the SEC’s bid to appeal the July decision, which stated that Ripple’s programmatic sales of XRP did not constitute a securities violation, would have triggered a rally in a highly liquid market.
Credible Crypto says that in the current tight liquidity conditions, XRP needs to overcome the $0.60 resistance level to initiate a bullish run.
“We get past that, we fly. We reject there and it just means we aren’t ready yet- primarily due to a lack of liquidity in the space right now.
That being said, this is awesome news [the rejection of SEC’s appeal attempt], makes me even more excited for XRP when new money begins to flow back into this space… And has increased my long-term conviction in XRP.”
XRP is worth $0.532 at time of writing.
Turning to Bitcoin (BTC), the pseudonymous analyst and trader says that he expects the flagship crypto asset to respect the support level at $24,800 if it corrects. On Ethereum (ETH), Credible Crypto says that he is more bearish on the second-largest digital asset by market cap.
“ETH, on the other hand, I would not be surprised to see make a new local low as its range low demand has already been tested and likely gives way on another test. We also have an inefficiency right below the range lows and another, more significant region of demand just below.
ETH making another local low while BTC maintains a higher low above $24,800 is also a testament to my idea of an expected weakness on most altcoins and ETH/BTC for now as BTC dominance rises into new highs.”
BTC is trading at $27,422 at time of writing while ETH is changing hands at $1,637.
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