A crypto analyst has warned crypto investors against trading XRP, stating that investors have missed the opportunity to make gains from the cryptocurrency.
Analyst Advocates Against XRP Trading
A prominent X (formerly Twitter) crypto analyst, IncomeSharks released a post on Tuesday, advising crypto investors to avoid trading XRP. The statement came as a surprise to many crypto investors who have been planning to take advantage of the price fluctuations of the XRP token caused by its legal proceedings with the United States Securities and Exchange Commission (SEC).
IncomeSharks urged investors to not purchase XRP, citing concerns about potential risks in the cryptocurrency. The crypto analyst stated that the period to buy and hold XRP tokens in hopes of making gains has elapsed. They deemed investors who purchased XRP tokens presently as emotional Fear Of Missing Out (FOMO) buyers.
“Promise yourself this cycle you won’t trade $XRP if you like making money. There were 15 months you had a chance to buy and hold if you liked this coin. Buying here on this candle is what separates traders from emotional FOMO buyers,” IncomeSharks stated.
Many crypto enthusiasts under the post readily accepted the cautionary statement with some of them agreeing that trading the token could potentially yield losses. Their agreements could be attributed to the recent news of the US SEC announcing it would drop all lawsuits against Ripple co-founder, Chris Larsen and CEO of Ripple, Brad Garlinghouse.
Token price crosses $0.55 | Source: XRPUSD on Tradingview.com
Lawyer Says US SEC Has An Anti-Crypto Agenda
Pro XRP Lawyer, John E Deaton took to X earlier this week to state his opinions of the US SEC and its enforcement actions on XRP. Deaton stated that the SEC had become a disgrace due to its actions against many prominent crypto organizations including Ripple and LBRY.
He mentioned XRP’s achievements over the years during its battle with the SEC, stating that Ripple had grown its business despite being accused by the SEC and prevented from growing fully in the US.
“You have to be impressed by what Ripple has accomplished during the last 3 years. Not only did it grow its business – almost tenfold – during an extended brutal bear market – but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States,” Deaton Stated.
In a more recent post, Deaton revealed that the SEC was aiming to collect “$770M worth of flesh” from Ripple. He stated that if Coinbase succeeds in enforcing its Motion to Dismiss (MTD) order in response to the allegations laid out by the US SEC of violating securities laws, then the regulatory agency may decide to change its anti-crypto agenda.
Featured image from Cryptopolitan, chart from Tradingview.com