Crypto Industry Could Roar in Response to Ripple’s Lawsuit, Says Senior Analyst
In a recent tweet, a prominent trader who went “Tree of Alpha” noted that a positive ruling on the status of XRP in the SEC lawsuit against Ripple would be the biggest news for cryptocurrency traders.
The trader believes that if XRP is determined not to be a security, it will send it and the other 300 top cryptocurrencies to “Valhalla,” which could cause a significant increase in the values of all of these cryptocurrencies.
The trader notes that the SEC is making a concerted effort to classify all items traded in the bitcoin market as securities that need government oversight.
Therefore, what might seem like a victory over the regulator would be a huge loss for them and create a barrier for any future actions they might take against other cryptocurrencies and organizations that deal with cryptocurrencies.
A follower asked Tree of Alpha about using bots to take advantage of a possible ruling on the state of XRP. In response, Tree of Alpha emphasized the unpredictability of the source of the news and the form the judgment would take.
He pointed out that the ruling may be published from several sources, such as case files, Bloomberg, or even a random account on Twitter, and that it is possible that traders will not be able to understand the ruling the first time it is presented to them. .
Ripple continues to show dominance
Ripple, which is trading at $0.50 as of press time, has recorded a slight price valuation increase of more than 1% in 24 hours as its market continues to dominate recent market volatility. Over the past month, Ripple has shown exponential growth, according to CoinGecko Charts.
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