• The XRP price has been struggling to break out of a multi-month falling trend that began in May 2021 and has dropped 8.48% in February.
• Analysts have described the XRP market as a safe short bet, with death cross on the XRP/USD weekly chart between the 50 and 200 MA potentially leading to an almost 50% drop.
• Blockchain lawyer John E Deaton believes that regulatory clarity in the US won’t materialize until 2025, and requires a well-organized, adequately funded campaign.
XRP Price Struggles
The XRP price has been struggling to break out of a multi-month falling trend that began in May 2021, with trading around $0.3788 on Thursday and a 8.48 percent drop in February. Technical analysis depicts more pain ahead, with death cross on the XRP/USD weekly chart between the 50 and 200 MA potentially leading to an almost 50 percent drop similar to 2020 Black Thursday.
Analysts Describe It As Safe Short Bet
According to cryptocurrency and XRP enthusiast Mr. Huber, the XRP market is a safe short bet due to cumulative short trades on Bitfinex decreasing since January hitting their multi-year low. With the XRP bulls showing signs of exhaustion traders who short crypto assets can make a fortune from its imminent defeat according to Mr Huber.
Regulatory Clarity Expected In 2025
Blockchain lawyer John E Deaton believes that regulatory clarity in the United States will not materialize until first quarter of 2025 at best case scenario likely summer of same year which needs well-organized, adequately funded and strategic campaign for successful outcome of this matter according to him.
Ripple Labs‘ Growth Helping & Holding Back
Ripple Labs‘ growth has significantly helped the sixth-largest digital asset by market capitalization but it’s also held back by ongoing SEC lawsuit which puts uncertainty over its future performance as long as it’s not resolved positively for Ripple Labs..
Overall it looks like there is still some time before any significant positive changes take place for Ripple Labs due to ongoing SEC lawsuit making analysts believe that shorting XRP could be profitable trade however one should always do own research before investing or trading cryptocurrencies because risks associated with them are high