Dont Be Alarmed XRP Price Drop Not as Severe as Perceived

XRP’s price surge following the SEC ruling has left experts puzzled.
Analysts are scratching their heads as XRP fails to maintain its momentum post-court decision, lagging behind 90 of the top 100 cryptocurrencies by market value in the last 24 hours.
However, Bill Morgan suggests that the recent negative price activity may not be as dire as it seems. The significant spike that followed Ripple’s partial win over the SEC last July has distorted the numbers, he explains.
Despite XRP’s performance not being dismal, Morgan remains perplexed by the cryptocurrency’s inability to sustain its post-July court decision surge. He questions why XRP is still trading at 2018 levels, why the initial price increase effect was short-lived, and why it nearly vanished altogether.
The Short-Lived XRP Price Rally
Following U.S. District Judge Analisa Torres’ ruling that XRP is only considered a security when sold by Ripple to institutional investors, the token saw a surge on the Bitstamp platform, reaching a high of $0.94 in 2023. However, this renewed excitement was short-lived, as XRP dropped 57% from its peak.
Currently, XRP is valued at approximately $0.5006, as per CoinMarketCap data, showing a 1.53% increase from the previous day. With a 3.17% decline over the past week, the current price reflects a bearish trend.
There have been concerns raised by community members about Ripple potentially manipulating XRP’s price with its sales. Morgan dismisses this notion, stating that Ripple does not offer discounts to on-demand liquidity (ODL) clients, thus not impacting the token’s price through ODL sales.
Previously, CNF had suggested that BRICS nations could adopt XRP, potentially boosting the token’s value to $10,000.
For more information:
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