XRP’s Disappointing Price Action: Will It Rebound Soon?
XRP’s price performance over the past three years has been disappointing, failing to turn positive for its holders. In the last three months, XRP has experienced brutal price action compared to other major cryptocurrencies in the market. However, some analysts still believe that a potential rally is possible for XRP in the coming months. Attorney Bill Morgan, known for his bullish stance on XRP, recently shared his thoughts on the asset’s lackluster performance, describing it as “unnatural.”
Pro-XRP Lawyer Questions the Decline
Morgan’s observation aligns with the sentiment among investors who find XRP’s recent performance unnatural. He questions why XRP has performed so poorly in the past 90 days compared to other cryptocurrencies. This comment came in response to another investor’s chart comparing crypto gains.
At least XRP isn’t last. The question is why has the performance over 90 days been so poor. It is unnatural.
— bill morgan (@Belisarius2020) February 13, 2024
Data shows that XRP has declined by 17.8% in the past 90 days, while Bitcoin, Chainlink, BNB, and Ethereum have gained around 30% during the same period. Morgan’s remarks not only highlight XRP’s underperformance but also spark discussions among supporters.
This says it all….
— MerlinR₳s (@MerlinRas21) February 13, 2024
The general consensus is that XRP’s price action has been unnatural, largely due to the ongoing legal battle between the SEC and Ripple, the payment company associated with XRP. This legal tussle has persisted for the past three years, and despite Ripple making progress against the SEC, XRP has not gained substantial support from institutional and large investors.
Reversal Into a Rally?
The XRP community remains optimistic about the future of this digital asset. Many long-term XRP holders, often referred to as “XRP Army” members, believe that the current lackluster price action is temporary and anticipate a significant rebound in the coming months.
Crypto Rover, a popular YouTuber, suggests that XRP is on the verge of breaking out of a triangular price pattern in an upward direction. The XRP/USD price chart indicates a formation of lower highs and higher lows over the past three years, leading to a squeeze. Morgan also shares this optimism, stating “Now or never!”
$XRP
It has been 3 years now…
But I do believe the breakout can be massive!
— Crypto Rover (@rovercrc) February 12, 2024
Currently, XRP is trading at $0.54, experiencing a 3.50% decline in the past seven days. Crypto analyst Dark Defender predicts that XRP could reach $0.66 and beyond in the coming months. Discussions about the potential for a spot XRP ETF also continue.
Now or never!👍
— bill morgan (@Belisarius2020) February 12, 2024
Hot Take: XRP’s Potential Rebound
XRP’s recent price action has been disappointing, but there are indications that a rebound may be on the horizon. Despite its underperformance compared to other cryptocurrencies, some analysts and XRP supporters believe that a rally is imminent.
The ongoing legal battle between Ripple and the SEC has significantly impacted XRP’s price, creating an unnatural price action. However, if Ripple continues to make progress in the legal proceedings and gains support from institutional investors, XRP’s fortunes could change.
While it’s difficult to predict the exact timing and extent of a potential rally, XRP holders remain hopeful and anticipate a breakout in the near future. Keep an eye on the market and stay informed about any developments that could influence XRP’s price movement.
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