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Cryptocurrency analyst Austin Arnold of Altcoin Daily has advised investors to avoid buying XRP until there is clarity on the ongoing SEC lawsuit. Despite XRPs potential, the lawsuit remains a major concern for investors. This warning comes as the cryptocurrency market continues to show signs of a strong incoming bullish run.

Austin, a long-time skeptic of XRP, has focused on chart analysis to make his assessment. He acknowledges that XRP has spent about a year ranging between $0.33 and $0.50, which has been an accumulation of supply. However, he notes that recent weeks have seen a shift, with XRP breaking above 55 cents and closing with a strong candle last week.

Austin says that if XRP can break past last weeks highs, theres not much in the way for the remittance coin until it reaches $0.85 or even a dollar. He suggests that the market may be reacting in anticipation of a favorable outcome for XRPs Ripple in the lawsuit. However, until there is clarity on the lawsuit, Austin advises investors to hold off on buying XRP.

Also Read: XRP Price Set to Explode: Historic Trends Point to Massive Surge in April Coinpedia Fintech News

The ongoing Ripple v SEC lawsuit has been a major factor in XRPs price movement. The SEC filed the lawsuit against Ripple Labs in December 2020, accusing the company and its executives of raising $1.3 billion through the sale of XRP in unregistered securities offerings. Since then, XRPs price has been on a rollercoaster ride, with its value rising and falling based on developments in the lawsuit.

However, interestingly, ever since the cryptocurrency market came out of the long-running bear market of 2022, XRP has been holding on quite nicely even while Bitcoin and Ether fell due to industry occurrences. The behavior of the Ripple-issued token has impressed several experts and critics alike. At press time, XRP was trading at $0.51.

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So, are you planning to hold on to your XRP or will you sell?

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Ripple News: Dont Buy XRP Until This Happens, Warns Top Crypto Analyst - Coinpedia Fintech News