Crypto News– Enthusiastic about digital assets, Bill Morgan took to social media today to express his reservations regarding lofty price predictions for XRP. In response to a forecast suggesting the token could reach three figures, Morgan acknowledged the three significant outcomes of the recent ruling in Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC).
He pointed out that since July 23, 2023, there has been legal clarity around XRP, multiple exchange listings, and the formation of strategic partnerships. Despite these positive developments, Morgan highlighted that the price of XRP only experienced a modest increase from $0.46 to $0.62 after the favorable ruling. Contrary to overly optimistic views, he observed that XRP’s price often seems to move in tandem with Bitcoin (BTC) and sometimes weakens against the market leader.
XRP Hitting Three Figures? Described as a Hard-to-Imagine Possibility by an Advocate
Morgan contrasted this with the prevailing notion that a parabolic price move is imminent for the remittance token. This led him to question when such a move would materialize. Regarding the three-figure XRP prediction, Morgan found it challenging to envision what could trigger such a significant increase in the short, medium, or long term.
At the time of writing, traders appeared to have sold off some of their XRP holdings, potentially delaying Morgan’s anticipated parabolic move. According to CoinMarketCap data, the remittance token was trading at $0.619, reflecting a 4.72% loss over the past 24 hours. This recent decline also pushed XRP’s weekly performance down to -5.94%. From a technical standpoint, a negative price channel emerged on XRP’s daily chart, with the altcoin printing lower lows and lower highs over the past week. Additionally, XRP breached the $0.6235 support level in the last 24 hours, putting it at risk of falling to the $0.5730 support level in the coming days.