Digital asset enthusiast Bill Morgan took to X today to share his ambivalence about sky-high price predictions for XRP. Reacting to a prediction that the token will reach three-figures, Morgan acknowledged the three major outcomes of the ruling in Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC). He argued that since 23 July 2023, there has been legal clarity around XRP, multiple exchange relistings as well as multiple strategic partnerships formed.
Three great outcomes in the court case since 23 July 2023, legal clarity, multiple exchange relistings, more Ripple partnerships and increasing ODL use and myriad other positive news have moved the price from $0.46 to $0.62 in that time. Better than some coins not as good as… https://t.co/NMwiWqfdWt
— bill morgan (@Belisarius2020) November 17, 2023
However, Morgan then pointed out that the price of XRP has climbed from $0.46 to just $0.62 following the favorable ruling. Contradicting the extremely bullish outlook expressed by some, Morgan noted that XRP’s price seems to just oscillate with Bitcoin (BTC). He shared that sometimes XRP weakens against the market leader as well.
Morgan contrasted this with the familiar trope suggesting that a parabolic price move is imminent for the remittance token.This prompted him to question when this parabolic move will become a reality. On the three-figure XRP prediction, Morgan struggled to imagine what could cause such an increase in the short, medium or long term.
At press time, traders seemed to have offloaded some of their XRP, which may delay Morgan’s anticipated parabolic move. CoinMarketCap data indicated that the remittance token was changing hands at $0.619. This was after the altcoin suffered a 4.72% loss over the past 24 hours. The recent loss also nudged XRP’s weekly performance down to -5.94%;
Daily chart for XRP/USDT (Source: TradingView)
From a technical perspective, a negative price channel had formed on XRP’s daily chart after the altcoin printed lower lows and lower highs over the past week. Furthermore, XRP breached the $0.6235 support level over the past 24 hours. Subsequently, XRP was at risk of falling to the $0.5730 support level in the next few days.
If XRP is able to close a daily candle above $0.6235 in the next 48 hours, then the bearish thesis may be invalidated. This could then be followed by the cryptocurrency attempting a challenge at the $0.68 barrier in the short term.
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