Attorney Bill Morgan joined the conversation on social media platform Morgan, who is known for his bullish stance on XRP, recently expressed optimism about how XRP could reach its current all-time high of $3.4. Continued Litigation with SEC.
Despite scoring a partial victory against the SEC last year, Ripple’s lawsuit against the regulator is dragging its feet in court, and investors are currently split in two. two schools of thought About XRP price trajectory. According to Morgan, who recently tagged XRP’s current slump. unnatural performanceCryptocurrencies could hit new all-time highs this year.
None of the appeals detract from the fact that XRP itself is not a security. The SEC is correct in saying it will not appeal the findings. The market has seen short-term price increases and has therefore taken this into account.
The market has taken notice of the lawsuit, but its impact on the price of XRP seems already baked… https://t.co/CNj7uUR9Bj— Bill Morgan (@Belisarius2020) March 8, 2024
XRP reaches $3.4
XRP’s current all-time high of $3.4 was registered in January 2018. However, the cryptocurrency’s growth has been largely curbed since 2020 due to lawsuits from the SEC and Ripple. Major progress has been made in the past year. The ruling brought legal clarity to XRP. In the United States, efforts are being made to give cryptocurrencies breathing space amid legal chaos.
Although the lawsuit is not yet concluded as the SEC may file an appeal, Morgan believes “the market will react positively to XRP.” his opinion is Argument on social media as Bitcoin hits new all-time highs $70,000 or more.
XRP market cap currently at $33.7 billion. Chart: TradingView.com
Reacting to Bitcoin’s new all-time high, Morgan pointed out that now is the time to stock up on more XRP. However, another investor known as Sherrie expressed a dissenting opinion, revealing that he actually plans to reduce his exposure as the SEC could file an appeal at any time over XRP’s legal status as a security.
Morgan will clarify that the SEC has said it will not appeal the ruling. He also mentioned four prerequisites that must be met before XRP can succeed. Start growing naturally. The first is legal clarity on XRP, the conclusion of the ongoing litigation; XRP for sale US Exchanges and XRP Adoption cross border payments Liquidity solutions in the United States.
Two of these conditions (1 and 3) have already been realized since July 2023. The lawyer pointed out that while the second and fourth conditions are important, XRP could still hit new all-time highs even if they are not met yet.
How this affects XRP
XRP is trading at $0.6244 at press time and is up 19% over the past 30 days, significantly underperforming the likes of Bitcoin, Ethereum, and DOGE, which are up 50%, 60%, and 115% over the same period. . Interestingly, a surge to $3.4 would represent a 440% return for those buying at current price levels. The first step for XRP to reach a new all-time high is to surpass $1.
Featured image from RDNE Stock Project/Pexels, chart from TradingView