YouTube analyst Crypto Capital Venture argues that if the judge rules in favor of Coinbase against the SEC, it could ignite an altcoin run with up to 100% on assets like ADA.
Crypto Capital Venture looks at some of the events leading up to the decision, including that only 22 days after the SEC allowed Coinbase to go public, Gary Gensler from the SEC testified that the exchanges trading these assets do not have the regulatory framework at the SEC or CFTC.
At the same time, the judge overseeing the Ripple case ruled XRP as not a security, giving the market significant cause for uncertainty over the lack of clarity alone.
More notable, in looking at the Ripple (XRP) daily charts, following the news of the coin saw a 100% pump in July 2023 before falling all the way back to previous levels. At the same time, Bitcoin (BTC) and the rest of the crypto market is still a ways away from bull market numbers; however, with the Bitcoin halving, an event when the reward for mining is cut in half, drawing closer, the analyst relates prices are likely to improve as they typically do when this event occurs.
The key finding becomes that “crypto is way more bullish as we enter 2024,” shares the analyst, especially when looking at the bearish market sentiment that when XRP saw the 100% pump back in July.
The analyst goes on to compare the Cardano (ADA) chart, which, although speculative could see a 100% pump similar to that of XRP, given positive sentiment around spot Bitcoin ETFs just receiving approval. Looking at the daily chart, Crypto Capital Venture speculates consolidation of ADA into March, although a ruling is expected somewhere during that time.
Although he doesn’t know how it will play out, the analyst suggests the market is in a good place to finalize the decision.