Bill Morgan, an advocate of XRP, recently expressed skepticism about the nobles price targets for XRP circulating on social networks. While the digital asset community is often full of bullish predictions, Morgan’s realistic outlook presents a grounded perspective on the value potential of XRP.
The parabolic evolution of prices: myth or reality?
Since the landmark ruling in the SEC v. Ripple case on July 23, which brought legal clarity to XRP, the asset has seen a slight improvement in its trajectory.
The decision led to XRP being relisted by several exchanges and the formation of strategic partnerships. Despite these developments, Morgan observed that the price of XRP only increased slightly, from $0.46 to $0.62.
Three excellent results in the trial since July 23, 2023, legal clarity, multiple re-listings on exchanges, more Ripple partnerships and the growing use of ODL and a myriad of other positive news have brought the price from 0 $.46 to $0.62 during this period. Better than some parts, not as good as… https://t.co/NMwiWqfdWt
– Bill Morgan (@Belisarius2020) November 17, 2023
Morgan’s analysis delves deeper into the relationship between the market behavior of XRP and Bitcoin (BTC). Contrary to popular belief that XRP could soon undergo a parabolic price increase, Morgan noted:
We continue to be shown charts supporting claims that a parabolic breakout is imminent, but the price still seems to move up and down with Bitcoin and is generally losing ground on the XRP/BTC pair.
This observation particularly calls into question the narrative of an upcoming rise in the value of XRP, often represented in community discourse.
The idea of XRP reaching a triple-digit value seems even more unlikely to Morgan. He questions the likelihood of such a significant increase in the price of XRP in the short, medium or long term.
Although the crypto market is known for its unpredictability and rapid changes, Morgan’s post suggests that expecting XRP’s price to rise might be too optimistic. His stance encourages a more measured and realistic approach to understanding XRP. future market performance.
Latest action on XRP price
Meanwhile, the XRP market performance has seen significant fluctuations recently. After an initial push alongside the broader movement bullish trend in crypto marketThe asset has faced a slowdown, with a 10% decline over the past week.
In the last 24 hours alone, XRP price fell 4%, currently trading around $0.60, down from its weekly high of $0.69.
This decline is also reflected in the trading volume, which fell from $3.5 billion to approximately $1.43 billion, indicating a notable decrease in trading activity.
Featured image from Unsplash, chart from TradingView