XRP’s Triple-Digit Forecast: Top Advocate Casts Doubts On Dream Valuation
18 Novembre 2023 - 1:00AM
NEWSBTC
Bill Morgan, an XRP advocate, has recently expressed skepticism
regarding the lofty price targets for XRP circulating on social
media. While the digital asset community is often rife with bullish
predictions, Morgan’s realistic outlook presents a grounded
perspective on the potential of XRP’s value. The Parabolic Price
Move: A Myth Or Reality? Since the significant ruling in the SEC v.
Ripple case on July 23, which brought legal clarity to XRP, the
asset has seen an uptick in its trajectory. Related Reading:
Altcoin Delight: Solana Balloons To 50%, Nearly Triples In A Month
– Here’s Why The ruling led to multiple exchanges relisting XRP and
forming strategic partnerships. Despite these developments, Morgan
observed that the price of XRP has only modestly increased from
$0.46 to $0.62. Three great outcomes in the court case since 23
July 2023, legal clarity, multiple exchange relistings, more Ripple
partnerships and increasing ODL use and myriad other positive news
have moved the price from $0.46 to $0.62 in that time. Better than
some coins not as good as… https://t.co/NMwiWqfdWt — bill morgan
(@Belisarius2020) November 17, 2023 Morgan’s analysis delves deeper
into the relationship between XRP’s market behavior and Bitcoin
(BTC). Contrary to the popular belief that XRP might soon undergo a
parabolic price increase, Morgan noted: We keep being shown charts
supporting claims that a parabolic breakout is imminent but price
still seems to just go up and down with Bitcoin and generally loses
ground on the XRP/BTC pair. This observation particularly
challenges the narrative of a forthcoming surge in XRP’s value,
often depicted in the community’s discourse. The idea of XRP
achieving a three-figure value seems even more improbable to
Morgan. He questions the likelihood of such a significant increase
in XRP’s price in the short, medium, or long term. While the crypto
market is known for its unpredictability and rapid changes,
Morgan’s post suggests expecting a meteoric rise in XRP’s price
might be overly optimistic. His stance encourages a more measured
and realistic approach to understanding XRP’s future market
performance. XRP Latest Price Action Meanwhile, XRP’s market
performance has seen significant fluctuations recently. After an
initial surge alongside the broader bullish crypto market trend,
the asset has faced a downturn, with a 10% decrease over the past
week. In the last 24 hours alone, XRP’s price has dipped by 4%,
currently trading around $0.60, down from its weekly high of $0.69.
Related Reading: Altcoins Market Share Versus Bitcoin At A 4 Month
High: What’s The Trigger? This decline is also reflected in its
trading volume, which has dropped from $3.5 billion to
approximately $1.43 billion, indicating a notable decrease in
trading activity. Featured image from Unsplash, Chart from
TradingView
Grafico Azioni Ripple (COIN:XRPUSD)
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Grafico Azioni Ripple (COIN:XRPUSD)
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Da Ott 2023 a Ott 2024