The post Why XRP Holders Must Take Profits Now appeared on BitcoinEthereumNews.com.

Nick Valdez, an analyst at the popular Discover Crypto channel, has urged XRP holders to take profit from the recent price pump following the lawsuit victory. Valdez shared this sentiment in a recent analysis after Ripple achieved a 94% reduction in the fine demanded by the SEC in the long-running lawsuit. Following the announcement of Ripple’s victory, the price of XRP surged by over 30% to reach $0.64. However, Valdez cautioned XRP enthusiasts not to get over-excited and to consider taking profits in the short term. Why Sell XRP Now on Pump: Historical Analysis He expressed this view after analyzing XRP’s historical price actions following pivotal events that initially boosted its price. The analyst pointed out that after similar positive news in the past, XRP’s price often retraced to previous levels, nullifying the short-term gains. Specifically, he referenced two major events in XRP’s history: the initial SEC lawsuit announcement in December 2020, which caused a significant drop, and a previous court victory that temporarily doubled the price. Notably, XRP traded at around $0.24 ten weeks before the SEC launched the lawsuit against Ripple in December 2020. XRP later reached a high of $0.78 in November 2020. However, XRP plummeted to as low as $0.168 by the time the lawsuit emerged before stabilizing around $0.23 days later. Essentially, Valdez stressed that despite the initial adverse reaction to the SEC lawsuit, XRP returned to its pre-lawsuit price within a few weeks as if nothing had happened. XRP chart before and after the SEC lawsuit In the second event, XRP triumphed in July 2023 when the court ruled that XRP itself is not a security. XRP doubled in price within 24 hours, rising from about $0.47 to $0.93. However, about a month after this victory, XRP had fallen back to $0.47. XRP chart…

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Filed under: News - @ August 10, 2024 1:28 pm