Attorney Bill Morgan weighed in on a conversation on social media platform X to drop a bullish prediction regarding XRP. Morgan, known for his bullish stance on XRP, recently voiced a bullish sentiment on how the cryptocurrency can reach its current all-time high of $3.4 despite the lingering lawsuit with the SEC.
Despite its partial victory against the SEC last year, Ripple’s case against the regulator has dragged on in court and investors are now divided into two schools of thought regarding XRP’s price trajectory. According to Morgan, who recently tagged XRP’s current lackluster performance as unnatural, the crypto can create a new all-time high this year.
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
XRP To Hit $3.4
XRP’s current all-time high of $3.4 was registered in January 2018. However, the cryptocurrency’s growth has mostly been deterred since 2020 by the SEC’s lawsuit with Ripple. Major headways came last year when a ruling gave XRP legal clarity in the US to give the crypto some breathing space amidst the legal turmoil.
Although the lawsuit is yet to be concluded with the SEC being able to file an appeal, Morgan believes “the market will react positively” to XRP. His view came in a discussion on social media which started amidst Bitcoin reaching a new all-time high above $70,000.
XRP market cap currently at $33.7 billion. Chart: TradingView.com
While reacting to the new Bitcoin all-time high, Morgan noted that the time is now ripe to stock up on more XRP. However, another investor known as Sherrie expressed an opposing sentiment, revealing that she actually plans to reduce her exposure since the SEC can file for an appeal at any time regarding XRP’s legal status as a security.
Morgan would go ahead to clarify that the SEC has said it will not appeal the ruling. He also noted four prerequisites that must be met before XRP can start to grow naturally. First is legal clarity on XRP, the conclusion of the ongoing lawsuit, XRP being sold on US exchanges, and XRP’s adoption in cross-border payment and liquidity solutions in the US.
Two of these conditions (1 and 3) have materialized already since July 2023. The attorney pointed out that although the second and fourth conditions are important, XRP can still reach a new all-time high even if they are not met yet.
What This Means For XRP
XRP is trading at $0.6244 at press time and up by 19% in the past 30 days, largely underperforming the likes of Bitcoin, Ethereum, and DOGE who are up by 50%, 60%, and 115% in the same timeframe. Interestingly, a surge to $3.4 would represent a 440% return for those buying in at the current price level. The first step toward XRP reaching a new all-time high would be to surpass $1.
Featured image from RDNE Stock project/Pexels, chart from TradingView