Since the recent ruling in the US SEC’s battle against XRP on Wednesday, there has been a spike in optimism and interest in the altcoin’s prospects. Despite the long-standing tussle, which impacted the price of XRP significantly in 2020, several crypto analysts like Doctor Profit still believe in the coin’s potential in the long term.
XRP Short-Term Investment Is A Wrong Game
In a bullish statement, Doctor Profit, a popular crypto expert and trader, has recently referred to XRP as a masterpiece for investments in the long term, stressing its distinct robustness in the volatile world of cryptocurrencies.
Amid rising interest in digital assets, Doctor Profit underlines the altcoin’s endurance in the face of mounting pressures from regulatory challenges and investors’ uncertainty. While the analysts see XRP as a masterpiece for long-term investment, he has debunked all short-term investment strategies as a wrong game.
He noted that the altcoin’s price has varied between $0.42 and $0.72 for the past 1 year, making it a less potential asset for short-term investment and an ideal asset for long-term investors who understand the importance of patience. Thus Doctor Profit being an investor with entries between $0.09 and $0.44 has cautioned investors about those claiming the crypto asset is worthless and the moonboys making audacious predictions about targets like $589.
With a 60,000% rally in 2017, the expert has compared XRP resilience with Bitcoin because of its firm position among the top 10 cryptocurrencies by market cap in the sector for the previous 10 years. He further stated that the asset has managed to retain this position despite experiencing a 75% crash from its all-time high in 2020 as a result of the SEC lawsuit, overwhelming hostility from new investors who fled to rival coins out of fear, and the absence of a macro bull run since 2017.
Even though XRP is still struggling, Doctor Profit is optimistic about an impending macro rally, given its role in the implementation of the Central Bank’s Digital Currencies (CBDC), underscoring the need to focus on CBDC-related investments.
Extremely Bullish Scenario For The Asset
Following the court’s ruling that XRP is not a security as the US SEC previously claimed, Doctor Profit believes the agency has lost its case with Ripple. According to the expert, the development is a very bullish one because of the newfound regulatory certainty and the wave of optimistic speculations to come, while reiterating his prediction about an XRP Spot Exchange-Traded Fund (ETF).
Doctor Profit believes the development will also drive renewed hope among big investors, anticipating a major rally in the long term. As a result, the analyst pointed out that the altcoin‘s chart has turned healthy with extremely bullish indicators.
Thus far, considering these advancements, Doctor Profit has predicted the coin to reach between $16 to $20 within a year in the event of a similar 2017 move. These levels, according to the expert are the best-case scenario for the token, while the worst-case scenario will be between $4 and $7.
Featured image from Adobe Stock, chart from Tradingview.com
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