In a stark contrast to the performance of the broader crypto market, XRP continues to face significant challenges, according to statements from pro-XRP lawyer Bill Morgan. Despite a discouraging decline in the value of the crypto asset relative to Bitcoin (BTC) and 88% of the top 100 cryptocurrencies, Morgan maintains a bullish outlook on the asset.
In a post on X, Morgan outlined the struggles XRP has faced, particularly over the last year—a period that brought legal clarity and was expected to boost investor confidence in XRP. Morgan noted, “There were some who told us last month that XRP price had turned the corner in its steady decline against the BTC price. It has not and the decline over the last 6 months has been nearly -84%.”
This decline has positioned XRP as one of the underperforming cryptocurrencies, being outshone by 88% of the top 100 coins in market performance. Morgan shared critical data to underscore the gravity of the situation, citing that the XRP to BTC exchange rate stands at 0.000007383 BTC, reflecting a dramatic decrease of -83.93% over the past six months.
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Additionally, he pointed out that the cryptocurrency is trading below its 200-day simple moving average, a typical indicator of long-term market trends. Despite these bleak indicators, Morgan remains undeterred.
When asked about his steadfast belief in XRP, Morgan responded metaphorically, comparing his faith in the digital currency to a nearly completed bridge that “can’t carry traffic until it’s fully built.” This statement suggests his view that digital asset’s potential will be fully realized only once the XRP Ledger is fully developed and the ongoing legal battle with the US Securities and Exchange Commission (SEC) is completely settled.
XRP Price Could Rally To $0.75 In July
One of the crypto analysts who is still extremely bullish on XRP is Egrag Crypto. In his latest analysis on X, he pointed out that the monthly candle formation is showing a highly promising pattern, indicating a significant price surge in the near future.
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Egrag noted that the previous month’s candle displayed a 75% Inverted Hammer Formation at its base. In technical analysis, this pattern is considered a strong bullish signal, suggesting that sellers are exhausted and buyers are gaining strength, paving the way for a potential upward price movement. Egrag’s analysis emphasizes this formation as a key indicator that XRP is set for a notable price increase.
Building on the bullish candle formation, the analyst predicts that the cryptocurrency could soon reach the $0.75 mark, with July 2024 being a crucial month. He confidently states the formation “is an amazing sign that $0.75 is coming in no time, and July 2024 is going to be the month of fireworks!”
Addressing the community, Egrag encouraged patience and optimism, using the metaphor of “THOR’S HAMMER” smashing through all resistance to describe the anticipated market movement. At press time, XRP traded at $0.5286, marking a 0.65% decrease over the past 24 hours.
Featured image created with DALL·E, chart from TradingView.com