Following its victory against the US Securities and Exchange Commission, the XRP price has been displaying bullish sentiments, effectively gaining the attention of long-term investors seeking to buy and hold to gain more profits. In light of this, a crypto CEO has disclosed his insights on XRP’s bullish outlook, acknowledging the prospects of a bull run in the future.
Crypto CEO Concedes Possible XRP Bull Run
The market sentiment surrounding Ripple Labs’ native token, XRP has taken a bullish trajectory, increasing investors’ confidence and expectations of a possible bull run.
Related Reading: CRV Price Surges 16% – What’s The Next Move For Curve DAO Token?
Matthew Dixon, Chief Executive Officer of Evai, a renowned crypto valuation platform, has recognized and highlighted this shift in market sentiment and aired his remarks on the token’s bullish position in an X (formerly Twitter) post on Friday.
A price surge for the XRP price may be inevitable according to Dixon who used market insights from well-known crypto market analysts who were bullish on the crypto as a basis for his belief.
“Listening to other market commentators I hear a lot of Bullishness in the air for XRP. They may well be right,” Dixon stated.
XRP price still holding at $0.51 support | Source: XRPUSD on Tradingview.com
Dixon Exercises Caution Amidst XRP Price Bullish Sentiment
Amid the backdrop of crypto market volatilities and regulatory uncertainties that have plagued the XRP ecosystem, the cryptocurrency’s bullish trend comes as great news for the XRP community and its investors.
There have been many price predictions for the XRP token. Some market analysts have predicted that the XRP price may see an increase as high as $250. Another analyst also forecasted a price surge of 2500% for the XRP token, pushing the cryptocurrency as high as $20 in the future.
XRP’s bullish trend started taking effect after its win over the SEC when US District Judge Analisa Torres ruled in favor of XRP, stating that programmatic XRP sales do not qualify as securities.
Market observers are presently watching the XRP price and the developments in its ecosystem closely. The cryptocurrency has had its fair share of gains and losses this year. Therefore, it remains to be seen if XRP can sustain its bullish sentiment.
Dixon has stated that he would remain cautious of XRP’s bullish momentum while waiting for more compelling evidence of a bull run in the future. The crypto CEO explained that he would remain a short-term investor to avoid significant losses. Nevertheless, he stated that he was also open to being a long-term investor of XRP if the prospects of a bullish run remain strong and the overheard resistance is overcome.
“I will remain cautious until that overhead resistance is convincingly breached. If it is I’m happy to go long but until then shorts are favored with close stop losses,” Dixon stated.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from: Invezz