Top Advocate Casts Doubts On Dream Valuation
Bill Morgan, an XRP advocate, has recently expressed skepticism regarding the lofty price targets for XRP circulating on social media. While the digital asset community is often rife with bullish predictions, Morgan’s realistic outlook presents a grounded perspective on the potential of XRP’s value.
The Parabolic Price Move: A Myth Or Reality?
Since the significant ruling in the SEC v. Ripple case on July 23, which brought legal clarity to XRP, the asset has seen an uptick in its trajectory.
The ruling led to multiple exchanges relisting XRP and forming strategic partnerships. Despite these developments, Morgan observed that the price of XRP has only modestly increased from $0.46 to $0.62.
Three great outcomes in the court case since 23 July 2023, legal clarity, multiple exchange relistings, more Ripple partnerships and increasing ODL use and myriad other positive news have moved the price from $0.46 to $0.62 in that time. Better than some coins not as good as… https://t.co/NMwiWqfdWt
— bill morgan (@Belisarius2020) November 17, 2023
Morgan’s analysis delves deeper into the relationship between XRP’s market behavior and Bitcoin (BTC). Contrary to the popular belief that XRP might soon undergo a parabolic price increase, Morgan noted:
We keep being shown charts supporting claims that a parabolic breakout is imminent but price still seems to just go up and down with Bitcoin and generally loses ground on the XRP/BTC pair.
This observation particularly challenges the narrative of a forthcoming surge in XRP’s value, often depicted in the community’s discourse.
The idea of XRP achieving a three-figure value seems even more improbable to Morgan. He questions the likelihood of such a significant increase in XRP’s price in the short, medium, or long term.
While the crypto market is known for its unpredictability and rapid changes, Morgan’s post suggests expecting a meteoric rise in XRP’s price might be overly optimistic. His stance encourages a more measured and realistic approach to understanding XRP’s future market performance.
XRP Latest Price Action
Meanwhile, XRP’s market performance has seen significant fluctuations recently. After an initial surge alongside the broader bullish crypto market trend, the asset has faced a downturn, with a 10% decrease over the past week.
In the last 24 hours alone, XRP’s price has dipped by 4%, currently trading around $0.60, down from its weekly high of $0.69.
This decline is also reflected in its trading volume, which has dropped from $3.5 billion to approximately $1.43 billion, indicating a notable decrease in trading activity.
Featured image from Unsplash, Chart from TradingView
