Attorney Bill Morgan recently analyzed the price changes in the top 10 cryptocurrencies since June 10, 2023, opening up about XRP’s unique position in the market. While XRP gained legal clarity, distinguishing itself as not a security, its market performance has been a tale of mixed fortunes compared to other top coins.
Following the legal victory on June 10, where the court rejected the SEC’s attempt to file an interlocutory appeal and dropped the case against Ripple executives Garlinghouse and Larsen, XRP initially experienced a surge in price, nearly doubling. However, this upward momentum was short-lived, and the gains were largely eroded within a few weeks.
Despite the positive legal outcomes, XRP currently stands as the sixth of the seven top 10 coins, excluding stablecoins and Binance, outperforming only Dogecoin. This market positioning is a contrast to its legal success, prompting questions about the factors influencing its price movements. Moreover, XRP’s price on April 17, 2018, was higher at $0.656933 compared to its current valuation, indicating a decline over the past 5.5 years.
Addressing concerns about XRP’s performance, when asked if he is losing faith in the coin’s ability to make gains or if he is surprised by its manipulation, Morgan expressed a need for a more detailed explanation. He stated that a simple attribution of XRP’s price movements to market trends lacks explanatory depth, especially considering its distinctive performance since 2017.
He wrote on X, “I am looking for explanations for its price action other than a lazy ‘it’s just moving with the market’ which has some explanatory value but cannot adequately explain its performance over a long period since 2017.”
XRP is now at $0.66, up by 0.48% in the past day. It broke a key barrier at $0.644 after a gradual increase in the last few days. This level hadn’t been surpassed for almost three weeks, indicating a recovery. If XRP holds this as support, it might climb to $0.700.
Source: https://coinpedia.org/news/xrps-legal-triumph-vs-market-struggle-analyzing-the-cryptocurrencys-volatile-journey/