Crypto Analyst Kaleo Says XRP Is Primed to Skyrocket Against Bitcoin (BTC) as Legal Battle Ends
- WBOYOriginal
- 2024-08-09 06:05:101047browse
In a new strategy session, pseudonymous crypto trader Kaleo tells his 643,500 followers on the social media platform X that XRP, the native token of the XRP Ledger, is on the cusp of a breakout against BTC as its legal battle against a prominent US regulator has come to an end.
Crypto strategist Kaleo updates his followers on the potential price action of XRP, DOGE and ETH following recent legal and price developments.
In a recent video update, Kaleo shares his technical analysis on XRP, following the conclusion of its legal battle with the U.S. Securities and Exchange Commission (SEC). According to him, XRP is poised to skyrocket against Bitcoin (BTC).
“And there's your squeeze. XRP versus SEC case is over. And XRP is finally officially declared not a security.”
The SEC filed a lawsuit against XRP in December 2020, alleging that the asset was an unregistered security. However, the regulator lost the legal battle in 2023, with a judge ruling that the retail sale of XRP tokens did not qualify as a securities contract.
Although Ripple was fined $125 million earlier this week for improperly selling the digital asset, Ripple's CEO hailed the decision as a victory for the industry.
At the time of writing, XRP is trading at $0.611, up 23% in the last 24 hours. Moving on to Dogecoin (DOGE), Kaleo believes that traders have a couple of months left to accumulate the meme asset before it surges past the $0.29 price tag.
“DOGE back above ten cents. Honestly think we still have another couple of months left ranging between the lows and ~$0.13 left before full send commences. Just chill and stack.”
DOGE is trading at $0.104 at the time of writing, up 5% in the last 24 hours. Concluding his analysis with top altcoin Ethereum (ETH), the analyst says the leading smart contract platform by volume is on the cusp of breaking out to a new all-time high.
“Still believe we have a bit of chop in the lower bounds of this range before we send to new highs, but if you're asking yourself ‘Is this a good place to start bidding?’ My answer is yes.”
ETH is valued at $2,498 at the time of writing.
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