Crypto Lawyer Defends Poor Returns

• XRP has dropped by more than 18% since November 2023.
• In the past year, Bitcoin has skyrocketed 114.46%, outperforming XRP.
• Lawyer cited the SEC’s lawsuit against Ripple as the reason for XRP’s poor performance. 

XRP, the seventh-largest digital asset, has lagged this cycle despite the recent crypto market rally where Bitcoin hit the $76,000 price level for the first time in history. Bill Morgan, a prominent lawyer and XRP enthusiast, defended the altcoin.

The conversation started with “Scam Daddy” on X (formerly Twitter) highlighting that Bitcoin is up a massive 114.46% since November 2024 while in the same period, XRP fell a substantial 18.72%, making it the worst performer in the top 10 of this cycle. Scam Daddy slammed XRP supporters, saying the altcoin lacks potential for a significant price surge.

Read also: XRP’s Price Targets $1 as Election Patterns Signal Breakout

On the other hand, Morgan defended XRP, claiming that many investors in the digital asset space continue to tie XRP’s value with Ripple with the US-based fintech firm being engaged in a lawsuit with the Securities and Exchange Commission (SEC). As a result, the cryptocurrency has been unable to print higher highs.

XRP’s Uncertain Future

The lawyer accepted that XRP is the “worst performing coin in the top 10 over the last 12 months” and that it has been “obliterated by Bitcoin.” However, it is expected that XRP will skyrocket once the legal situation between Ripple and SEC is sorted. Morgan said that XRP is “still in the top 10 and still subject to legal proceedings that have been on foot for 4 years,” adding: 

“The fact is the market still associates XRP with Ripple and Ripple is still embroiled at the heart of the SEC’s unholy war against crypto.”

XRP is trading at $0.5596 at the time of publication and is down a whopping 85.54% from its all-time high of $3.84 witnessed in January 2018. The altcoin has been trading below the $1 price level since December 2021.

In the past seven days, XRP has surged 7.42% while jumping 4.75% in the past 24 hours. Further, in the last 30 days, the altcoin has risen 5.48%. The market cap of the altcoin has soared to $31.79 billion while its trading volume stands at $2.26 billion, up 40% in the past day.