24 February 2024
XRP’s price action for the last three years has been majorly disappointing, with the crypto yet to turn positive for its holders. Notably, XRP’s price action for the past three months has been brutal and needs to catch up when compared to other large cryptos.
Despite this underwhelming price movement, many analysts haven’t stopped predicting a potential rally for XRP in the coming months. Particularly, attorney Bill Morgan, who is known for his bullish stance on XRP, recently took to social media to share his take on the asset’s lackluster performance, calling it “unnatural.”
Pro-XRP Lawyer Calls The Decline ‘Unnatural’
Morgan’s recent observation on XRP goes along with the wider thought among investors. According to him, XRP’s performance over the past 90 days has been so unnatural, raising the question of how this poor performance came to be. This observation came as a reply to a chart shared by another investor comparing crypto gains.
At least XRP isn’t last. The question is why has the performance over 90 days been so poor. It is unnatural. https://t.co/hsvBBhUBJQ
— bill morgan (@Belisarius2020) February 13, 2024
According to the data, XRP is currently on a 17.8% decline in the past 90 days. However, other top cryptocurrencies like Bitcoin, Chainlink, BNB, and Ethereum have performed 30% gains in the same timeframe amidst wider crypto market rallies. The insights made by Morgan have not only shed light on the underperformance of XRP but have also sparked discussions among supporters.
This says it all…. pic.twitter.com/nLHxbawqDz
— MerlinR₳s (@MerlinRas21) February 13, 2024
The general consensus has been of an unnatural price action. The unnatural in this case has mostly been caused by the legal tussle between the SEC and XRP’s payment company, Ripple, which has lingered for the past three years. Although Ripple has made major headways against the SEC in the past year, the recent price action indicates that XRP is yet to garner support from institutional and large investors.
Reversal Into A Rally?
The XRP community remains optimistic about the digital asset’s future. Many long-term XRP holders, often called “XRP Army” members, believe the lackluster price action is temporary and that XRP will rebound significantly in the coming months.
According to Crypto Rover, a crypto YouTuber, XRP is on the verge of breaking out of a triangular price action to the upside. His XRP/USD price chart indicates the formation of lower highs and higher lows for the past three years and is now at a squeeze. Morgan also relayed optimism to the analysis, stating “Now or never!”
It has been 3 years now…
But I do believe the breakout can be massive! pic.twitter.com/lUZNTvzQNc
— Crypto Rover (@rovercrc) February 12, 2024
At the time of writing, XRP is trading at $0.54, down by 3.50% in the past seven days. Crypto analyst Dark Defender forecasted a $0.66 price point and beyond in the coming months. Talks continue to linger around 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