2024-3-13 16:21 |
Bill Morgan, a prominent lawyer and vocal supporter of Ripple, has made bold predictions about XRP, noting that the cryptocurrency is likely to surge to a new all-time high this year. Morgan’s statements come amidst ongoing legal battles between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) regarding the regulatory status of XRP.
Responding to a tweet by popular crypto analyst Moon Lambo, who suggested the market is unlikely to “care” about what happens in the XRP lawsuit, Morgan agreed, suggesting the cryptocurrency could keep soring even if the SEC lodges an appeal.
“No appeal will disturb the finding XRP itself is not a security. You are correct the SEC said it will not appeal that finding.” Morgan stated, adding “The market took it into account as the short-term price rises showed.”
Morgan further outlined four key factors that will catalyze XRP’s ascent to new heights. Firstly, he emphasized the necessity of achieving legal clarity regarding XRP’s regulatory status. Secondly, he highlighted the imminent resolution of the lawsuit surrounding the cryptocurrency.
Additionally, he pointed out the significance of XRP being listed on prominent U.S. exchanges. Lastly, he emphasized Ripple’s capacity to leverage XRP for its solutions unhindered by regulatory constraints. While he acknowledged advancements in the first and third aspects, he stressed the crucial importance of addressing the remaining factors, stating, “Although the lawsuit remains a significant consideration, XRP’s potential to achieve its All-Time High this year isn’t solely dependent on factors 2 and 4.”
Earlier Monday, the lawyer aligned with Ripple’s Chief Technology Officer, David Schwartz, who introduced the concept of “gradual appreciation” in XRP’s price. In a tweet, Schwartz drew parallels between XRP’s price behaviour and Bitcoin’s over the last 12 years, suggesting a tendency toward long-term gradual appreciation.
Despite undergoing a prolonged consolidation phase, XRP has recently shown a notable upward trend, largely propelled by a resurgence across the entire market. Over the past month, the sixth largest crypto asset has risen by roughly 20%, albeit still lagging behind competitors such as Cardano, Bitcoin and Ether in gains. However, XRP’s performance has continued to lag behind the broader crypto market, which gained 3.20% on Monday, reaching a total market cap of $2.7 trillion.
Interestingly, XRP’s performance last week saw it breaking above the range of $0.55 to $0.58 and retesting support levels. So far, it appears to be holding up well, awaiting a potential breakout above the significant resistance level at $0.7. The 20-week moving average is also poised above the 200-week moving average, indicating ongoing bullish momentum.
At press time, XRP was trading at $0.69, reflecting a 10.90% price surge over the past 24 hours.
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