- With attention focused on the SEC vs. Ripple lawsuit deadline, XRP is expected to close the week with slight losses, retracting from recent gains.
- Pro-XRP lawyer Bill Morgan anticipates a surge in XRP’s value to all-time highs in 2024 amid Bitcoin’s recent performance.
On Friday, the price of XRP experienced a dip to $0.62, managing to hold above the significant psychological threshold of $0.60 despite heightened profit-taking activity among holders of the altcoin. As the week draws to a close, XRP is poised to end with slight losses, retracting slightly from its recent price recovery, as attention remains focused on a crucial deadline in the ongoing SEC vs. Ripple lawsuit scheduled for March 22.
Over the past week, XRP holders have seized profits amounting to $370 million since the start of March 2024, likely contributing to the observed price correction in recent days. On-chain data provided by Santiment reveals a consistent trend of profit-taking by XRP holders throughout March, coinciding with the altcoin’s climb to a peak of $0.6685 on Tuesday.
Notably, XRP has seen a surge in its on-chain activity, characterized by an uptick in both Active Addresses and Whale transactions valued at $100,000 and above, with both metrics experiencing notable spikes over the past week. While an increase in active addresses and transactions from large-wallet investors can have varying implications for the asset’s price, when such transactions surge following a price rally, as observed recently for XRP, it may indicate that whales are looking to sell and realize profits.
XRP to Hit New All-Time High in 2024?
In the ever-changing landscape of cryptocurrency, XRP has once again emerged as a focal point, with pro-XRP lawyer Bill Morgan projecting a surge in its value to all-time highs (ATH) in 2024, reports Crypto News Flash. Against the backdrop of Bitcoin recently reaching its all-time high and surpassing the $70,000 mark, Morgan’s optimistic prediction has garnered significant attention from investors. As per Crypto News Flash report, some market analysts are predicting an insanely high XRP price rally to $100.
Recently, pro-XRP lawyer Bill Morgan hinted at a bullish outlook for the XRP price, suggesting a potential climb to all-time highs in 2024. Leveraging historical data and market trends, Morgan underscored the consistent upward trajectory that XRP typically experiences during the second and fourth quarters of the year.
Morgan’s analysis underscores the pivotal factors driving the potential surge of XRP. These include obtaining legal clarity regarding XRP’s status, resolving the ongoing Ripple Vs. SEC lawsuit, ensuring trading availability on U.S. exchanges, and granting Ripple unrestricted use of XRP, all of which are deemed crucial catalysts for its upward movement. While advancements have been achieved in certain areas, obstacles remain, shaping the narrative surrounding XRP’s resilience amid the complexities of the legal landscape.
No appeal will disturb the finding XRP itself is not a security. You are correct the SEC said it will not appeal that finding. The market took it into account as the short term price rises showed.
I think the market did care about the lawsuit but the impact on XRP price was baked… https://t.co/CNj7uUR9Bj— bill morgan (@Belisarius2020) March 8, 2024
Source: https://www.crypto-news-flash.com/xrp-price-witnesses-decline-with-370-million-profit-taking-but-stays-firm-above-0-62-ahead-of-sec-v-ripple-lawsuit-deadline/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-price-witnesses-decline-with-370-million-profit-taking-but-stays-firm-above-0-62-ahead-of-sec-v-ripple-lawsuit-deadline