XRP emerged as a standout performer in the cryptocurrency market this past week, with a notable surge of over 38% outpacing gains made by other top ten cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Cardano.
Notably, the crypto asset soared to around $0.63 on Wednesday. The crypto community attributed this impressive rally to speculations surrounding a crucial meeting scheduled for July 18, which could have concluded the ongoing legal battle between Ripple and the SEC.
Notably, the strength in XRP caught the attention of Christopher Jaszczynski, popularly known as “MMCrypto,” a prominent figure in the Bitcoin maximalist community with over 1.4 million followers on Twitter.
In a surprising move, MMCrypto tweeted on Wednesday, “I am NOT an $XRP fan AT ALL! But I am keeping a very close eye on it currently.”
Bitcoin maximalists like MMCrypto are known for their staunch advocacy of Bitcoin as the superior cryptocurrency, often dismissive of other digital assets. Their skepticism toward altcoins, including XRP, stems from ideological and technical reasons, with many viewing Bitcoin as the only true decentralized and secure cryptocurrency.
Recall that in May, Michael Saylor, another vocal Bitcoin maximalist and founder of Bitcoin development company Microstrategy, stirred controversy when he expressed pessimism about the regulatory future of major altcoins, including XRP. This sparked a response from the XRP community, which defended XRP’s legal standing and argued against its classification as a security.
Similarly, in the same month, Max Keiser, a well-known Bitcoin advocate, predicted that XRP’s value against Bitcoin would eventually drop to zero, highlighting the maximalist viewpoint that Bitcoin will ultimately dominate the cryptocurrency landscape.
That said, the recent rally in XRP’s price comes amid a broader market resurgence after a challenging start to the month, fueled by optimism around ecosystem developments, the potential for an XRP ETF approval, and the potential resolution of the ongoing legal battle between Ripple Labs and the SEC.
Notably, analysts are now predicting further upside for XRP, with analysts like “JackTheRippler” emphasizing that regardless of the legal outcome, XRP may experience significant price movements, possibly reaching new record levels soon.
“People are patiently waiting for the conclusion of the SEC v. Ripple lawsuit. Although there is a possibility of a significant price increase before Judge Torres reaches a verdict. XRP may reach a new all-time high in the coming days. Please be prepared for any outcome!” the pundit tweeted on Wednesday.
Javon Marks suggested that XRP could replicate its bullish moves from 2017, potentially reaching $100 or more in the coming months. Similarly, analyst “Amonyx” presented a bullish outlook, forecasting that XRP could achieve new all-time highs, with expectations of peaking around $80 by year-end, based on the Fibonacci extension levels.
At press time, XRP was trading at $0.58, reflecting a 2.23% increase over the past 24 hours.
