- XRP’s short-lived rally post-SEC ruling raised questions.
- Analysts are puzzled by XRP’s failure to sustain momentum after court ruling.
Over the previous 24 hours, the XRP cryptocurrency linked to Ripple has underperformed 90 of the top 100 cryptocurrency by market value.
Maybe, though, this obviously negative price activity is not as bad as it appears. The huge increase that followed Ripple’s partial victory over the U.S. SEC last July distorts these numbers, according to analyst Bill Morgan.
Though XRP’s price performance has not been terrible, expert Bill Morgan is perplexed by the cryptocurrency’s inability to maintain its momentum after the July court decision. He wonders why XRP is still trading at levels seen in 2018, why the post-summary judgment price increase effect was not maintained, and why it was nearly completely gone.
Short-lived XRP Price Rally
XRP had a big surge when U.S. District Judge Analisa Torres decided that XRP is only a security when Ripple sells it to institutional investors. On the Bitstamp platform, the token shot to a 2023 high of $0.94 after the decision. This rekindled enthusiasm, though, was fleeting, as XRP fell 57% from its post-ruling high.
As of right now, XRP is valued at around $0.5006, according to CoinMarketCap data, up 1.53% from the previous day. At 3.17% down over the previous seven days, this present price also indicates a bearish stance.
Concerns about Ripple possibly artificially lowering the price of XRP with its sales have been voiced by several community members. Morgan is certain this is not the case, though, since Ripple does not provide discounts to on-demand liquidity (ODL) clients, so the price is unaffected by the company’s ODL sales.
CNF had previously mentioned that the BRICS might embrace XRP, which would push the token’s value to $10,000.
Recommended for you:
Credit: Source link
