- Bill Morgan has highlighted the yearly growth of XRP price.
- Ripple token was trading at $0.5335 on October 07, 2024.
- It was seen at $2.96 while drafting the article.
Bill Morgan recently responded to a community member, highlighting the yearly growth in the XRP price. The Ripple token surged significantly over the past 7 days. It is likely to regain a new high this year if rate cuts and ETF approvals fall in place. A wallet just transferred over 18 million XRP to Ripple.
Bill Morgan Backs XRP Price Rise
Bill Morgan, a notable crypto advocate, responded to a community member who earlier said that two things would not be seen again. The member stated that it would be Satoshi Nakamoto and the XRP Ledger first 32,569 blocks. Bill responded to this by saying that there were rather three things, adding that XRP would not be seen at $0.60.
Bill Morgan further highlighted that XRP price has come a long way over the past year. The Ripple token was $0.5335 on October 07, 2024. It is now way beyond the margin of $2. Bill underlined that last year’s mark was a missed chance to stack a bag.
This is not the first time Bill has backed the yearly growth of the Ripple token. He earlier called out a community member by saying that they missed the token when it was under $0.60. Further stating that the token could pump to over $3.50 after 12 months.
Factors for XRP Price
There are two factors that could possibly affect XRP price in addition to XRP gaining institutional adoption. One is a rate cut, and another is ETF approval. The US Federal Reserve is expected to cut lending rate by 25 bps again in October. This would be the second time this year the Fed slashes the rate, and possibly a contributing factor in triggering a surge in the price. The US Fed is expected to make a total of three cuts this year, with the third and final cut likely to happen before year-end.
Bill Morgan previously mentioned that XRP ETF approval was on its way. It could be delayed following the Government shutdown. Nevertheless, the Ripple community is optimistic that the ETF approval will eventually happen and boost XRP price to a new ATH. The current all-time high value for the Ripple token is $3.84, which was recorded on January 04, 2018.
Ripple Token Wallet Transfer
According to a report by Whale Alert, a total of 18,744,800 Ripple tokens were transferred from a wallet to Ripple. They were collectively worth approximately $55.86 million at the time of the transaction.
The transfer has triggered anticipation for a sell-off as the token has lost almost 2.96% of its value in the last 24 hours. XRP price is currently listed at $2.96, and it is estimated to hover around the same value for the next 30 days amid the volatility of 0.74%.
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