Crypto Analyst Warns Against Trading XRP, Citing Missed Opportunity
In a surprise statement, a well-known crypto analyst, IncomeSharks, recently urged crypto investors to avoid trading XRP. The analyst’s advice comes at a time when many investors were considering taking advantage of the price fluctuations in the XRP token caused by its ongoing legal proceedings with the United States Securities and Exchange Commission (SEC). IncomeSharks raised concerns about potential risks in the cryptocurrency and stated that the window of opportunity to buy and hold XRP tokens for gains has already passed. They referred to investors who currently purchase XRP tokens as emotional Fear Of Missing Out (FOMO) buyers.
IncomeSharks stated, “Promise yourself this cycle you won’t trade $XRP if you like making money. There were 15 months you had a chance to buy and hold if you liked this coin. Buying here on this candle is what separates traders from emotional FOMO buyers.”
The cautionary statement received support from many crypto enthusiasts who agreed that trading the token could lead to losses. This agreement may be influenced by the recent news that the US SEC will drop all lawsuits against Ripple co-founder, Chris Larsen, and Ripple CEO, Brad Garlinghouse.
Meanwhile, pro XRP lawyer John E Deaton has voiced his opinions on the US SEC and its enforcement actions on XRP. Deaton criticized the SEC’s actions against prominent crypto organizations, including Ripple and LBRY, stating that the regulatory agency has become a disgrace. He highlighted Ripple’s achievements during its battle with the SEC, noting that the company expanded its business despite the enforcement action.
Deaton stated, “You have to be impressed by what Ripple has accomplished during the last 3 years. Not only did it grow its business – almost tenfold – during an extended brutal bear market – but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”
In a recent post, Deaton revealed that the SEC is seeking to collect “$770M worth of flesh” from Ripple. He suggested that if Coinbase successfully enforces its Motion to Dismiss order in response to the SEC’s allegations of violating securities laws, the regulatory agency may reconsider its anti-crypto agenda.
These developments are sure to have a significant impact on the future of XRP and its trading landscape. As investors weigh the potential risks and rewards, it remains to be seen how the legal proceedings and regulatory actions will shape the cryptocurrency market.
Source: [Hyperlink to a credible source discussing the XRP price fluctuations and legal proceedings with the SEC, without mentioning bitcoinist.com]
Source: [Hyperlink to a credible source discussing John E Deaton’s opinions on the US SEC and its enforcement actions on XRP, without mentioning bitcoinist.com]
Image Source: Cryptopolitan Chart Source: Tradingview.com
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