- XRP’s price continues to underperform despite positive analyst predictions.
- Pro-XRP lawyer Bill Morgan remains optimistic, citing increased adoption and regulatory clarity.
- Investor sentiment remains cautious due to regulatory uncertainty and Ripple’s XRP sales.
XRP, the cryptocurrency associated with Ripple Labs, continues to trade below its September 2018 high of $0.56 despite numerous analyst predictions of a breakout. Pro-XRP lawyer Bill Morgan offers a unique perspective on the token’s potential trajectory.
However, Morgan emphasizes that he doesn’t rely on charts to predict an XRP price rise. Instead, he applies the legal standard of the “balance of probabilities.” He believes that, based on recent developments, the price of XRP is more likely to go up than down.
These developments that Morgan attributes, include achieving full legal clarity for the token itself, increasing use in On-Demand Liquidity (ODL), changes to the XRPL protocol facilitating NFTs and automated market makers (AMMs), the steady dilution of Ripple’s XRP holdings, and a steady increase in the circulating supply.
Despite these encouraging signs, XRP’s price remains unclear. Morgan stated:
“XRP’s price is illogical. If the market increases, I am sure XRP will appreciate in price.”
Despite this optimism, XRP’s price has remained relatively stagnant over the past two weeks, trading between $0.52 and $0.53. This lack of movement has frustrated investors who had hoped for a more dynamic performance.
Further complicating the picture, Ripple recently sold 150 million XRP from its reserves, generating $78 million. Such sales can influence the market in various ways, often depending on liquidity levels and overall market sentiment.
Coin Edition had earlier highlighted the continued uncertainty in regulatory developments as a key factor affecting investor sentiment. Many investors are awaiting clear regulatory guidelines before they can more fully assess XRP’s future prospects.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
