ADA, Matic, Atom, Sol, Algo and others were deemed a security a week ago. When this happened to XRP, XRP also dropped hard for a week straight. After that week, XRP did a 11x in 15 weeks.
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Almost 7 days ago, the SEC called many popular tokens a security, such as Cardano, Matic, Solana, Atom, Algorand, Near, and others. They have all seen major losses over the past week. In 7 days, they dropped:
ADA: -19% Solana: -22% Matic: -24% Atom: -9% Near: -14% Algo: -10%
Fear is high, and many people have sold or are considering selling. Is it over for these cryptocurrencies? Perhaps not!
A similar thing happened to XRP, when Ripple was sued by the SEC on December 22, 2020, because XRP was alleged to be a security. XRP instantly started crashing and went down 67% in a week! A much more severe reaction. Everyone panicked and thought it was over. Many people capitulated.
XRP capitulation: -67% in 7 days.
.. but it was not the end. A week after the lawsuit started, XRP hit the price of $0.17. That was the ultimate buying moment. From that point, XRP did about a 11x to $1.96 in 15 weeks! Also, the $0.17 price was not seen again.
Orange line: $0.17 bottom (7 days after lawsuit); purple line: price the moment Ripple got sued
If you bought the blood, you would still be up more than a 2x now. That said, even now, XRP is below the price of $0.52 – the price it had when Ripple was sued by the SEC.
Im not saying that the same thing must happen to the alts called a security now. But it might be good to know that buying the blood with XRP paid off. It was the final shakeout (“spring”) before liftoff.
submitted by /u/Beyonderr
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