- Bill Morgan contests the belief that the regulatory lawsuit impacted the price of XRP.
- A researcher claimed XRP is poised for impact as its lawsuit is out of the picture.
- Morgan argued the researcher’s view has failed to reflect reality since the July ruling.
Bill Morgan, a prominent attorney known in the crypto community for his pro-XRP stance, is now challenging the widely held belief among the XRP Army that the regulatory lawsuit significantly impacted the price of XRP.
In a recent tweet, a researcher from 3T Warrior Academy proposed that XRP is in the process of forming the most significant bull flag in crypto history. The key evidence supporting the anticipated XRP bull run, as highlighted by the researcher, revolves around XRP’s regulatory case.
According to the analysis, XRP has remained below its all-time high of $3.84 for 2,165 days, primarily due to the unregistered security classification it received in 2020. With the court ruling declaring that XRP is not a security, he expressed optimism for “brighter days ahead for XRP.”
Meanwhile, pro-XRP Bill Morgan disagreed with this perspective. He argued that those believing the lawsuit is responsible for XRP’s prolonged suppressed prices have yet to elucidate why such a pivotal court verdict failed to trigger a sustained upward trajectory in XRP. The lawyer stated that XRP’s gains in July following the court decree were merely a pump and dump.
Morgan’s opposition stemmed from the comparatively lackluster performance of XRP compared to other digital assets within the top ten rankings. This is because the regulatory lawsuit, which was presumed to have a constraining effect on XRP’s price, is no longer a factor in the equation. Yet, XRP trades with a price much like when it faced an intense court battle.
CoinMarketCap data shows that since July, Solana (SOL) has exhibited remarkable growth, experiencing a surge of 307% from $18.94 to $77. During the corresponding period, Cardano (ADA) has also seen a substantial uptrend, registering a growth of 157.8% as it climbed from $0.2452 to a high of $0.6323.
Meanwhile, XRP has ascended from $0.47 to $0.93 within the same timeframe, largely propelled by legal developments. However, XRP has subsequently retraced to the $0.45 zone. Moreover, despite the Bitcoin-led rally impacting top coins, XRP struggles around $0.6. As a result, Bill Morgan said: “Relative to most top 10 coins, it [XRP] has performed poorly since the greatest decision for a crypto token in US legal history.”
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.
