XRP has remained stagnant around the $0.5 level for a prolonged period. It has also exhibited downward momentum, dipping below $0.5 on May 13 and June 7. At the time of press, XRP is trading at $0.4924, struggling to regain the $0.5 support level.
This stagnation persists despite continued analysts’ predictions for a price surge. However, prominent lawyer Bill Morgan offers a distinct perspective on the token’s potential trajectory. He emphasized legal developments that could bring the increase as the XRP community desires.
Read Also: Ripple Emphasizes Role of XRP as Fiat Bridge Currency in ODL
Can XRP Regain Upward Momentum?
Morgan pointed out that he does not depend on technical analysis and price charts, but employs the concept of “balance of probabilities” from civil law. This suggests that recent events increase the likelihood of an XRP price increase. Some of the developments Morgan highlighted include:
Legal Clarity: Gaining definitive legal clarity for XRP would eliminate uncertainty and bolster investor confidence.
Increased ODL Adoption: On-demand liquidity (ODL) leverages XRP to facilitate faster and cheaper international payments. Growing ODL usage translates to a rise in XRP demand.
XRPL Enhancements: The XRP Ledger (XRPL), which powers XRP and Ripple’s numerous financial services, has undergone amendments to accommodate Non-Fungible Tokens (NFTs) and Automated Market Makers (AMMs). This expands XRP’s utility within the evolving blockchain ecosystem.
Strategic Dilution of Ripple Holdings: The measured release of XRP from Ripple’s escrow reserves aims to prevent market saturation and maintain price stability. Morgan suggests that the continuation of this strategic process could help XRP.
Expanding Circulating Supply: A gradually increasing circulating supply ensures sufficient liquidity for XRP transactions, and Morgan believes it could also help XRP.
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XRP’s Price Makes No Sense
Despite the numerous factors that could aid XRP’s growth, it has failed to sustain upward momentum, causing Morgan to say its price “makes no sense.” This underperformance has also frustrated investors seeking significant price appreciation.
The lingering uncertainty surrounding crypto regulation remains a key factor impacting investor confidence. Clear regulatory guidelines are paramount for a comprehensive assessment of XRP’s prospects.
However, Morgan is sure of one thing: if the market rises, the price of XRP will climb significantly. A crypto expert recently set a $155,000 target for Bitcoin and predicted a significant climb for XRP following Bitcoin’s rise. Bitcoin often causes the entire market to rise, and a massive Bitcoin surge could help XRP climb, as Morgan has predicted.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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