The XRP price enjoyed a significant rise following Judge Analisa Torres’s ruling in favor of Ripple against the US Securities and Exchange Commission (SEC). However, a crypto analyst has explained why the token is unlikely to enjoy such a similar trajectory till the year runs out.
XRP Price To End 2023 On A Low
In a tweet shared on his X (formerly Twitter) platform, Jungle, a prominent figure in the XRP community, stated that he doesn’t “believe the end of 2023 will be great for XRP.” However, it is not only XRP that he believes will end on a low as, according to him, “crypto in general” will not enjoy so much success in the remaining months of this year.
Jungle’s belief stems from the fact that many consumers are currently experiencing financial difficulty, so they might not be looking to invest in cryptocurrencies. He also mentioned the fact that the Federal Reserve keeps hiking interest rates in a bid to keep inflation down. This move ultimately curbs consumer spending, with many only focusing on what they consider necessary.
He projects that the financial market will take more hits before the year runs out and states that crypto “will not be immune from the pain.” According to him, now doesn’t feel like a “great time for growth,” further dampening the hopes of anyone who might have had a positive outlook for the crypto market for the remaining months of this year.
Jungle’s comment comes at a time when the crypto market is experiencing low trading volume across the board, which suggests that traders aren’t actively participating in the market. One reason could be that they have little or nothing to invest in the market, so they would rather stay out for now.
Token price returns to pre-judgment levels | Source: XRPUSD on Tradingview.com
Light At The End Of The Tunnel
Jungle, however, mentioned that there are positives to look forward to for XRP and the crypto market in general. He noted that Judge Torres’ ruling, alongside a stablecoin on XRPL and an AMM capability, will spark significant growth for the ripple ecosystem.
He has also singled out certain factors and events that could drive up the crypto market’s value in the coming year. One of these events is the SEC approving the pending ETF applications by certain traditional financial institutions. An approval from the SEC will see institutions like BlackRock, Fidelity, and ARK Invest onboard a new class of investors to the crypto industry.
The Bitcoin Halving coming up in the first half of 2024 is another event that Jungle has predicted will help drive up the crypto market’s value. Bitcoin and other cryptocurrencies’ value is expected to rise significantly once the Halving occurs.
Co-founder of Delphi Digital Kevin Kelly had previously noted that Bitcoin’s Halving was a key metric in determining when the next bull run would happen as he noted then that the last two halvings occurred 18 months after BTC bottomed and 7 months before it broke to a new all-time high (ATH).
Featured image from Admiral Markets, chart from Tradingview.com