TL;DR
- Bill Morgan, a renowned cryptocurrency analyst, has issued a warning about the performance of Ripple’s XRP against Bitcoin. He suggests that XRP could experience a drastic shift in its standing against Bitcoin, as its performance has been consistently negative across all periods, from a single day to three years.
- The U.S. SEC had leveled accusations against Ripple Labs, alleging that they sold XRP as an unregistered security. However, Judge Torres Analisa disagreed with the Commission’s claim, stating that the cryptocurrency is not a security but a digital token. Following this ruling, XRP has become a fully regulated cryptocurrency asset.
- An anonymous X user suggests that the summary judgment may have adversely affected its price relative to BTC. However, Morgan disputes this notion. He clarified that the legal clarity provided by the ruling does not necessarily mean it was the cause of the price decline.
Renowned cryptocurrency analyst Bill Morgan has issued a warning about the performance of Ripple’s XRP against Bitcoin. Morgan, who has been closely monitoring the cryptocurrency market, suggests that XRP could experience a drastic shift in its standing against Bitcoin.
Bill Morgan’s analysis provides insights into XRP’s behavior in the context of the leading cryptocurrency since 2021. The attorney points out that, when compared to Bitcoin, Ethereum (ETH), and the US dollar, XRP’s performance has been consistently negative across all periods, from a single day to three years. His findings serve as a stark reminder of the challenges faced by this token during this period.
This alarming signal serves as an alert for investors, prompting them to reassess their investment approach considering the shifting market trends as XRP struggles to maintain its position against the leading cryptocurrency. Morgan had earlier cautioned the crypto community that regardless of the starting point they select, the digital asset has lagged behind BTC.
Disputing the Cause of XRP’s Price Decline
The lawyer’s statement was a reaction to an anonymous X user’s assertion that XRP has seen a drop of over 76% relative to BTC, particularly since the clear summary judgment 9 months ago. Notably, the summary judgment from July of the previous year clarified the character of the digital asset.
The U.S. Securities and Exchange Commission (SEC) leveled accusations against Ripple Labs, alleging that they sold XRP as an unregistered security, thus implying that the coin is a security. However, Judge Torres Analisa disagreed with the Commission’s claim, stating that the cryptocurrency is not a security but a digital token.
Following this ruling, XRP has become a fully regulated cryptocurrency asset that has undergone a trial. An anonymous X user suggests that this event may have adversely affected its price relative to BTC. However, Morgan disputes this notion.
He clarified that the legal clarity provided by the ruling does not necessarily mean it was the cause of the price decline, nor does it diminish its importance for the token or any other cryptocurrency in the market. At the time of writing, XRP is trading at $0.498, marking a nearly 3% increase in the last 24 hours.
