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A widely followed crypto analyst says that one rival of global payments network Stellar (XLM) is primed to skyrocket against Bitcoin (BTC).
In a new strategy session, pseudonymous crypto trader Kaleo tells his 643,500 followers on the social media platform X that XRP, the native token of the XRP Ledger, is on the cusp of a breakout against BTC as its legal battle against a prominent US regulator has come to an end.
“XRP/BTC. And there’s your squeeze. XRP [vs] SEC case is over. And XRP is finally officially declared not a security.”
The U.S. Securities and Exchange Commission (SEC) initially sued XRP in December 2020, claiming that the asset was an unregistered security. The regulator lost the legal battle in 2023 when a judge ruled that the retail sale of XRP tokens did not qualify as a securities contract.
Though Ripple was fined $125 million earlier this week for improperly selling the digital asset, Ripple’s CEO hailed the decision as a victory for the industry.
XRP Is trading for $0.611 at time of writing, a 23% gain during the last 24 hours.
Moving on to Dogecoin (DOGE), Kaleo says traders have a couple of months left to accumulate the meme asset before it surges past the $0.29 price tag.
“DOGE back above ten cents. Honestly think we still have another couple of months left ranging between the lows and ~$0.13 left before full send commences. Just chill and stack.”
DOGE is valued at $0.104 at time of writing, a 5% gain during the last day.
Concluding his analysis with top altcoin Ethereum (ETH), the analyst says the leading smart contract platform by volume is on the cusp of breaking out to a new all-time high.
“Still believe we have a bit of chop in the lower bounds of this range before we send to new highs, but if you’re asking yourself ‘Is this a good place to start bidding?’ My answer is yes.”
Ethereum is trading for $2,498 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/eliahinsomnia
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