Attorney Predicts XRP Can Reach $3.4 Despite SEC Lawsuit
Attorney Bill Morgan has shared a bullish prediction for XRP on social media. Despite the ongoing lawsuit with the SEC, Morgan believes that XRP can reach its previous all-time high of $3.4. Here are the key points:
XRP’s Previous All-Time High
In January 2018, XRP reached its highest price at $3.4. However, since 2020, the SEC lawsuit against Ripple has hindered its growth.
Legal Clarity and Market Reaction
Last year, a ruling provided legal clarity for XRP in the US, giving the cryptocurrency some breathing space amidst the legal turmoil. Although the lawsuit is not yet concluded and an appeal is still possible, Morgan believes that “the market will react positively” to XRP.
Discussion Amidst Bitcoin’s All-Time High
Morgan’s bullish sentiment on XRP came during a discussion on social media about Bitcoin reaching a new all-time high above $70,000.
Stocking Up on XRP
Morgan suggests that now is a good time to buy more XRP, as he believes the conditions are favorable for its growth. However, another investor named Sherrie disagrees and plans to reduce her exposure due to the potential for an appeal by the SEC.
Prerequisites for XRP Growth
Morgan highlights four prerequisites that must be met for XRP to grow naturally:
- Legal clarity on XRP
- Conclusion of the ongoing lawsuit
- XRP being sold on US exchanges
- XRP’s adoption in cross-border payment and liquidity solutions in the US
Two of these conditions have already been met since July 2023, which are legal clarity on XRP and XRP being sold on US exchanges. Even if the remaining conditions are not met yet, Morgan believes that XRP can still reach a new all-time high.
What This Means for XRP
Currently, XRP is trading at $0.6244, showing a 19% increase in the past 30 days. However, it has underperformed compared to Bitcoin, Ethereum, and DOGE during the same period. If XRP were to reach $3.4 again, it would represent a 440% return for those who buy at the current price level. The first step toward reaching a new all-time high would be surpassing $1.
Hot Take: XRP’s Potential Despite the Lawsuit
In conclusion, Attorney Bill Morgan remains optimistic about XRP’s potential despite the ongoing lawsuit with the SEC. He believes that XRP can reach its previous all-time high of $3.4 based on several factors such as legal clarity, market reaction, and meeting certain prerequisites. While there may be differing opinions among investors regarding XRP’s future, Morgan’s bullish sentiment provides hope for those who believe in the cryptocurrency’s growth.
By
By
By
By
By