Top Trader Updates XRP Outlook, Issues Warning About Current Bitcoin (BTC) Price Action
A closely followed crypto trader is updating his view on XRP, a payment token project caught up in a federal lawsuit.
Pseudonymous analyst Cantering Clark says his 162,200 Twitter followers that XRP is likely to see a rise if it prevails in its lawsuit with the US Securities and Exchange Commission (SEC).
The SEC sued Ripple in December 2020, alleging that it was selling XRP as an unregistered security. Some expect a summary judgment in the case any time now.
“The crazy thing is that if XRP wins the lawsuit, it probably gives a decent pump, but at the time you had several alt cycles that gave returns that were bigger. The opportunity cost is high with it.”
XRP is trading at $0.36 at the time of writing.
The crypto trader notes that XRP’s price action in 2023 has remained largely flat even though Bitcoin (BTC) just went on a big rally.
“XRP is basically flat on the year. Even Bitcoin is outperforming it.”
Cantering Clark too problems a warning to Bitcoin investors, saying the latest price action is likely a bull trap above the $25,000 level due to a continued lack of liquidity in financial markets and US banking woes.
“Honestly, absent hopium that feels good for a minute when Bitcoin goes up…Treasury and SPX liquidity is absent top of the book. And now with banks in trouble, this market seems like a complex machine that just lost a bolt. Bitcoin looks like a high volume trap above $25,000. I will be defensive and play the short side until we enter constructive price action and float above $25,000.”
Bitcoin is worth $24,389 at the time of writing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Liu zishan
