Is XRP a Buy Now?
After a positive court ruling in July, it looked like XRP was going to skyrocket in price. After more than two years of waiting for a favorable resolution of the case lodged by the Securities and Exchange Commission, many crypto investors thought XRP (CRYPTO: XRP) was a shoo-in to soar past the $1 mark this year.
But XRP (formerly known as Ripple) has now given up nearly all of its recent gains. Over the past 30 days, XRP is now down 25% and trades for about $0.54. So what happens next with XRP? Below are both a bear case and a bull case scenario for XRP.
Obviously, it's time to forget about XRP as a short-term momentum play. Crypto investors who tried to ride the wave of optimism surrounding the SEC court ruling by buying XRP in July and August ended up getting burned. While there are signs that overall sentiment about XRP has turned positive, it now looks like the path to $1 is going to be much more difficult than originally envisioned. XRP spiked in price in mid-July, but is now back almost exactly where it was at the beginning of the summer.
Source Fool.com
