June 13 will be a historic day when important decisions will emerge from the SEC’s Binance and Ripple lawsuits. One day after this date, the Fed will update its stance on rate hikes. According to market players, XRP, which is preparing for a critical week, is preparing to become the prominent name of the altcoin market.
XRP is technically approaching the “parabolic boom”
XRP price is moving towards the critical resistance level of $0.60, below which it has been trading for over a year. He faced resistance in every step he took to regain this level he lost in May 2022. The positive news is that despite the recent drop, it still maintains the 0.50 support that will invite the bears back onto the scene. Technical analysis shows that after this success it is now approaching the one-year resistance point with a breakout expected to result in a bullish breakout.
Crypto analyst MichaelXBT also drew the attention of investors to this breaking point. Browsing the daily chart, the analyst highlights that XRP is currently approaching a key resistance point, under which it has been trading for over a year now.
According to the analyst, if XRP breaks out of this resistance, it will result in a “parabolic explosion”. The chart shows that XRP is facing fierce resistance at the $0.60 level. XRP in particular fell below this level amid the free fall that started the previous month.
Since falling below this zone, all efforts to recapture it have met with resistance. XRP rallied to $0.5850 at the end of March when it was closest to breaking this resistance. Running out of solo runs saw the bears take control of the scene at that point.
DustyBC highlights XRP’s superior performance over altcoin rivals
The week’s SEC lawsuits affected crypto giants BTC, ETH, and XRP relatively less than others. As crypto analyst DustyBC noted, XRP has emerged as the most durable crypto during this period.
#XRP Best Weekly Performer In The Top 10! pic.twitter.com/CCOQhxv0DT
— DustyBC Crypto (@TheDustyBC) June 9, 2023
Recent developments from blockchain company Ripple support altcoin rally
On the other hand, another crypto analyst BitBoy reveals striking analysis of the Ripple case as Ripple’s private shares surged in Linqto. The crypto phenomenon featured explosive predictions about the ongoing Ripple lawsuit and its potential ramifications for investors in a recent YouTube video.
While Armstrong argued that Ripple’s SEC lawsuit has already been settled based on insider information, he pointed to a significant development involving Ripple’s private stake in Linqto. According to Bitboy, Linqto has already acquired private equity stakes in Ripple through stock options purchased from former advisors and company team members. He highlighted similar opportunities that have existed in the past, with private shares of leading companies such as Coinbase, Robinhood and SoFi being able to be purchased before going public.
I've just gained info on a huge finding that may hint towards the end of the longstanding SEC v. Ripple lawsuit. In this video I detail everything you need to know and what it could mean for #XRP. ⚖️ https://t.co/6a8ojg4pWY pic.twitter.com/lqS2PvvNOW
— Ben Armstrong (@Bitboy_Crypto) June 9, 2023
In just one week, Ripple private shares in Linqto rose to $56 from 35 observed on June 1. This marks a 60% increase in seven days. As a result, the total Ripple value increased from $5.7 billion to $9 billion. The screenshot from BitBoy showed that the share price had risen to 63 as confirmed by an investor yesterday.
“Investing in XRP can make millions”
According to a recent Valhil Capital report, if XRP were of real value, they would be sitting on an investment of $3.5 million with 1,000 XRP. The firm’s report, research to determine the fair market value of XRP, began nearly two years ago.
The results for the week were surprising with a low market cap of $3,500 and a high market cap of $22,000. Valhil Capital emphasizes that this is not an estimate of the price of XRP, but a rough estimate of its market value without regulatory pressure from the SEC litigation and other external factors.
What is the fair market value of XRP?
This question is more complex than it sounds, and led a small group of people on a nearly 2 year journey, picking up more along the way to support the effort.
🧵 A thread about our whitepaper to determine the Fair Market Value of XRP. pic.twitter.com/SSb9q5liXG
— Molly Elmore (@mollyelmore22) June 7, 2023
According to the report, 100 XRP worth $3,500 will be worth $350,000. On the other hand, 1,000 XRP will be worth $3.5 million. This represents 706,399% higher than the current value of XRP. On the other hand, at its highest fair market value of $22,000, it would take just over 45 XRP to earn $1 million.
How is the cryptocurrency market?
The double-digit depreciation of the week turned into a recovery process with some recovery on Sunday. cryptocoin.comin their analysis
