XRP price action The past three years have been hugely disappointing for cryptocurrencies as they have yet to take a positive turn for holders. XRP’s price action, especially over the past three months, has been brutal and needs to catch up compared to other large cryptocurrencies.
Despite these overwhelming price movements, many analysts have not stopped making predictions. potential rally For XRP in the coming months. Bill Morgan, a lawyer known for his particularly bullish stance on XRP, recently took to social media to share his views on the asset’s poor performance, calling it “unnatural.”
Pro-XRP Lawyer Calls Decline ‘Unnatural’
Morgan’s latest observations on XRP are consistent with broader thinking among investors. According to him, here is how XRP has performed over the past 90 days: It’s become so unnatural, raising questions about how this poor performance occurred. This observation came as an answer to the following question: Chart shared This is the result of comparing cryptocurrency returns by other investors.
At least XRP won’t be the last. The question is why the performance over the 90 days was so poor. It’s unnatural. https://t.co/hsvBBhUBJQ
— Bill Morgan (@Belisarius2020) February 13, 2024
Data shows that XRP is currently down 17.8% over the past 90 days. However, other top cryptocurrencies such as Bitcoin, Chainlink, BNB, and Ethereum achieved gains of 30% over the same period amid the broader cryptocurrency market rally. Morgan’s insight not only shed light on XRP’s underperformance but also sparked discussion among its supporters.
This says it all… pic.twitter.com/nLHxbawqDz
— MerlinR₳s (@MerlinRas21) February 13, 2024
The general consensus was that this was an unnatural price action. In this case, unnatural phenomena are most often caused by: legal battle Between the SEC and Ripple, the settlement company for XRP What stayed Over the past three years. Even though the ripple made great progress The recent price action against the SEC last year indicates that XRP has yet to gain support from institutional and large investors.
Ripple currently trading at $0.54459 on the daily chart: TradingView.com
Turning into a rally?
XRP Community remains optimistic Many long-term XRP holders, often referred to as “XRP Army” members, believe that the sluggish price action is temporary and that XRP will rebound significantly in the coming months.
Depending on the For cryptocurrency YouTuber Crypto Rover, XRP is on the verge of breaking out of its triangular price movement and turning into an upward trend. His XRP/USD price chart shows lower highs and higher lows over the past three years and is currently under pressure. Morgan too delivered optimism Analytics says “now or never!”
Now 3 years have passed…
But I believe the breakthrough could be huge! pic.twitter.com/lUZNTvzQNc
— Crypto Rover (@rovercrc) February 12, 2024
As of this writing, XRP is trading at $0.54, down 3.50% over the past seven days. Cryptocurrency Analyst Dark Defender Expected to be $0.66 We’ll be able to hit that price range and beyond in the coming months. conference keep hesitating About the potential of a spot XRP ETF.
Now or never!👍 https://t.co/rxPTBpdFSf
— Bill Morgan (@Belisarius2020) February 12, 2024
Featured image from Adobe Stock, chart from TradingView
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com