Bill Morgan Remains Confident on Imminent XRP Price Surge Amid Ripple vs SEC Lawsuit

The post Bill Morgan Remains Confident on Imminent XRP Price Surge Amid Ripple vs SEC Lawsuit appeared first on Coinpedia Fintech News

The recent approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States has raised hopes for a similar product for other digital assets led by Ripple Labs-backed XRP, Solana (SOL), and Dogecoin (DOGE). The XRP community is confident of an astounding win in the Ripple vs SEC case, especially after the agency reached a settlement deal with Do Kwon and Terraform Labs. 

However, XRP is gradually losing grip among crypto investors as other similar blockchain projects thrive in favoring jurisdictions. Before the US SEC charged Ripple for selling unregistered securities, XRP was among the top three most valuable digital assets.

As of this writing, XRP has dropped to the seventh position, with a market cap of about $29 billion and a daily average traded volume of around $1.1 billion.

Morgan’s View  on XRP Performance 

There were some who told us last month that XRP price had turned the corner in its steady decline against the BTC price. It has not and the decline over the last 6 months has been nearly -84%. Currently XRP is being outperformed over the last year (the year of legal clarity for… pic.twitter.com/QUGxDQjfJF

— bill morgan (@Belisarius2020) June 6, 2024

According to XRP analysis conducted by Bill Morgan, a popular Ripple enthusiast, the cross-border focused crypto asset has continued to perform poorly despite the legal clarity in the past year. Last year, US Judge Analisa Torres ruled that XRP sales on exchanges do not constitute a binding agreement and, thus not a security asset.

However, Ripple could be found guilty of violating securities laws through its sales to institutional investors. Furthermore, the company’s executives have been talking about the settlement with the SEC after the agency proposed a $2 billion fine.

According to Morgan, XRP price has been outshined by 88 of the top 100 crypto assets in the last year. Already, the XRP price against Bitcoin has dropped nearly 84 percent in the past six months.

Midterm Expectations 

Despite the notable decline, XRP price has been hovering around the macro apex of a triangular pattern, which often leads to an inevitable bullish breakout. However, the XRP price against the US dollar must reclaim the 200 weekly moving average (MA) as the support level to trigger bullish momentum.

From a technical standpoint, the XRP price is aiming for 61 cents, which coincides with the daily 1.618 Fibonacci Extension, if the buyers defend the supper level above 50 cents.