Top Trader Updates XRP Outlook, Issues Warning on Current Bitcoin (BTC) Price Action
A closely followed crypto trader is updating his outlook on XRP, a payment token project caught up in a federal lawsuit.
Pseudonymous analyst Cantering Clark tells his 162,200 Twitter followers that XRP is likely to see a surge if it prevails in its lawsuit with the U.S. 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 matter at any moment now.
“The crazy thing is, if XRP wins the lawsuit it probably puts in a decent pump, but in that time being you had multiple alt cycles that put in returns that were magnitudes greater. Opportunity cost is high with that one.”
XRP is trading for $0.36 at time of writing.
The crypto trader notes that XRP’s price action in 2023 has remained mostly flat, even as Bitcoin (BTC) just went on a huge rally.
“XRP is basically flat on the year. Even Bitcoin is outperforming it.”
Cantering Clark also issues a warning to Bitcoin investors, saying the latest price action is likely a bull trap above the $25,000 level due to a continued liquidity shortage in the financial markets and US banking troubles.
“In all honesty, absent the hopium that feels good for a minute when Bitcoin is going up… Treasury and SPX liquidity is absent top of book. And now with banking having trouble, this market seems like a complex machine that just lost a bolt. Bitcoin looks like a high volume trap above $25,000. I’ll be defensive and play the short side as long as we are not putting in constructive price action and flow above $25,000.”
Bitcoin is worth $24,389 at time of writing.
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Author: Daily Hodl Staff
