An analyst who started buying Bitcoin (BTC) at low prices late last year shared another altcoin he has now accumulated.
Analyst, who knows about Bitcoin drops, announces his new hunt as the market returns
The popular crypto analyst bought BTC at $16,000 in November when FTX went bankrupt and made his first profitable purchase at $25,000. As Kriptokoin.com, we have included the analyst’s other accurate price predictions in this article. DonAlt now says he has increased his holdings of XRP as Bitcoin and the crypto market in general have fallen.
I've been buying a bunch more $XRP ~ $0.37
Gib $1
— DonAlt (@CryptoDonAlt) March 8, 2023
In his latest tweets, the crypto analyst said that he started collecting XRP at $0.37 and his target is $1. Meanwhile, the 6th-ranked altcoin by market cap is trading at $0.3964, up 5% over the last 24 hours. It should be noted that while XRP is rising, the market in general moves sideways.
DonAlt’s XRP purchases come as SEC’s lawsuit against Ripple draws to a close
Attorney John Deaton, who represents the XRP community, said the case judge will make a summary judgment soon. The date could be as short as a week, according to Deaton: “I seriously doubt we’re seeing a significant delay from here. It could be tonight or in a few weeks.”
I seriously doubt that we see a significant delay from here. Could be tonight or in a couple weeks.
— John E Deaton (@JohnEDeaton1) March 7, 2023
Judge Analisa Torres issued a 57-page ruling on Tuesday on the SEC and Ripple’s proposals to exclude expert testimony from the summary judgment. The decision has variously sided with Ripple and against the SEC. Ripple general councilor Stuart Alderoty said he has confidence in the strength of his cases more than ever in light of the decision.
SEC lawsuit will have a direct impact on the altcoin market
The outcome of the long-running lawsuit filed by the SEC in December 2020 will have a significant impact on the price of XRP and the future of the crypto market in general. According to the SEC, Ripple has been selling XRP as an unregistered security for years. In court, Ripple’s legal team claimed that the SEC had not adequately notified Ripple of its concerns about XRP.
They also argue that the utility, liquidity and distribution of XRP make it incompatible with securities regulations. With this, Ripple argued that classifying XRP as a security would directly undermine the coin’s primary raison d’etre.
Call from Ripple CEO to US regulators
Ripple CEO Brad Garlinghouse is in the headlines today after tweeting about the state of the crypto market in the US. According to the executive, the industry needs to rebuild trust through utility and transparency.
Garlinghouse argued that the industry must work together to move forward and close the trust gap outlined above. To state his point, he cited FTX and Terra as examples of companies that have shattered trust in cryptocurrencies.
Some thoughts from last week’s DC visit – I’m stating the obvious but the crypto industry at large in the US needs to rebuild trust through both utility and transparency (due to FTX, Terra and more). It’s the only way we collectively move forward. pic.twitter.com/jZnEBgW2g0
— Brad Garlinghouse (@bgarlinghouse) March 7, 2023
Garlinghouse also urged US authorities to regulate the industry appropriately, noting that many other G20 countries are already developing frameworks and providing guidance. As an example, he cited the EU’s markets in crypto-asset (MiCA) regulations. We have included details about MiCA regulations in this article.
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