Prominent crypto analyst CryptoInsightUK has given his thoughts on whether or not the XRP price can replicate the notable 61,000% gain it enjoyed back in 2017. Although the analyst sounded uncertain about how things could pan out, he provided insight as to what the future holds for XRP.

XRP Price Repeating 61,000% Move Will Be Harder

In a post on his X (formerly Twitter) platform, CryptoInsightUK highlighted how XRP exploded in 2017. The crypto token is said to have seen a 61,000% gain in 280 days. As to whether a repeat can happen, he mentioned that it would be harder as the market cap would have to be huge. He didn’t rule it out, though, as it would be possible with “real-world utility.” 

The crypto analyst seemed to be more focused on talking about the XRP price potential rather than talking about how high the token could rise. He alluded to the hate that XRP receives and how when people feel such a way, there is probably “value” in that asset. He also highlighted other factors that make the token stand out.

CryptoInsightUK mentioned that “XRP has had another 3 years of consolidation to most other cryptos.” This places the token on a higher pedestal as it bounded to enjoy greater expansion from a technical analysis angle. 

The analyst also spoke about how XRP is the only crypto token that has overtaken ETH in market cap on more than one occasion. On one of them, it enjoyed about 20% market share in the total crypto market cap. 

The crypto analyst was quick to disclaim whether that meant he was suggesting that the XRP price could achieve these feats again. He stated that only time will tell as he wasn’t making any point but only sharing his thoughts. 

XRP’s Unique Offerings And Positioning

In his post, CryptoInsightUK also mentioned that “XRP is in a unique position.” He was referring to how XRP “is the only altcoin that has legal clarity.” This clarity comes from Judge Analisa Torres’ ruling that XRP is not a security in itself. That is another factor that he believes makes XRP stand out, considering that the regulatory landscape is only just building up. 

Ripple’s Chief Legal Officer Stuart Alderoty had previously echoed similar sentiments when he mentioned how Judge Torres’ ruling helped XRP attain a unique status. He specifically mentioned the fact that XRP was now “uniquely classified” as a non-security in the US. The unique status is more significant considering that the US Securities and Exchange Commission (SEC) continue a host of crypto token as securities. 

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Filed under: Bitcoin - @ November 25, 2023 9:00 pm