Dig Perspectives and renowned chartist Egrag reiterate that XRP alone has legal clarity in the US while speculating on the possibility of the asset hitting $125.
XRP has been on a downtrend in the past weeks following the prolonged market-wide correction. In particular, the fifth-largest crypto by market cap has recorded a multi-digit percentage decline over the past seven days.
This bearish performance has elicited reactions from XRP community members and other market participants.
The renowned technical analyst Egrag recently highlighted this situation, disclosing that some XRP proponents correlate XRP’s performance with other crypto assets.
#XRP Renewed Enthusiasm Amidst Skepticism:
Recently, I've observed members of the #XRPArmy revisiting antiquated videos and predictions, attempting to correlate #XRP's triumph with the performance of Coin A or Coin B. This indicates a lack of understanding regarding the true… pic.twitter.com/HkXh6fwYpK
— EGRAG CRYPTO (@egragcrypto) August 22, 2023
XRP Maintains Regulatory Clarity
Egrag added that most XRP community members underestimate the potential of XRP, citing Judge Analisa Torres’ verdict in the Ripple vs. SEC case.
Recall that the federal judge ruled that XRP is a non-security against the SEC’s claims. Accordingly, the top market watcher reiterated that XRP is the only crypto asset with legal and regulatory clarity in the United States.
He wrote: “It’s worth reiterating that XRP maintains a unique position as the lone digital asset backed by well-defined legal and regulatory clarity.” While flaunting XRP as a reliable investment vehicle, he conveyed his bullish expectations for the utility token.
The founder of the Digital Perspectives platform quickly concurred with Egrag’s stance. The social media influencer further touted XRP as the only crypto asset with legal clarity in the US among 22,932 assets with a combined market cap of $1.1 trillion.
22,932 cryptocurrencies
There are around 22,932 cryptocurrencies in existence as of March 2023, with a total market capitalization of $1.1 trillion.
Only one has legal clarity in the US. #XRP
What do you think will happen? https://t.co/JgmmPbIOiE— Digital PerspectivesPermaBull🪝 (@DigPerspectives) August 22, 2023
Being the only crypto with regulatory clarity, the crypto expert believes XRP could perform outstandingly in the long term.
XRP To $125
Egrag’s disclosure also presents an ambitious price target for XRP. Amid XRP’s multi-week downtrend, he presented a likelihood for the asset to stage a rally similar to that of 2017. Per his chart, the asset rose from $0.0042 to $2.88 in 2017, representing an increase of 68,471%.
Citing this historical pattern, the crypto strategist expects XRP to claim the $125 price territory in the coming months.
This translates to an increase of over 24,000% at the prevailing rate. According to him, the increasing technological developments surrounding XRP and its regulatory clarity could fuel this probable price surge.
At press time, XRP is trading for $0.5179. The asset is down by over 13% and 27% in the past seven days and 30 days, respectively.