XRP’s recent price surge following the SEC ruling has left analysts scratching their heads. Despite a strong rally after the court decision, XRP has failed to maintain its momentum, lagging behind 90 of the top 100 cryptocurrencies in terms of market value.
Bill Morgan, an expert in the field, believes that the current negative price activity may be misleading. The significant price increase that followed Ripple’s legal victory in July has skewed the numbers, making XRP’s performance seem worse than it actually is.
Despite the temporary spike in XRP’s price to $0.94 on the Bitstamp platform after the court ruling, the token quickly plummeted by 57%. Currently valued at around $0.5006, XRP has only seen a modest 1.53% increase from the previous day. However, a 3.17% decline over the past week suggests a bearish trend.
Questions have been raised about Ripple’s potential manipulation of XRP’s price through its sales. Some community members suspect that Ripple may be artificially lowering the token’s value. However, Morgan dismisses these concerns, stating that Ripple does not offer discounts to its ODL clients, so its sales do not impact the market price.
Despite speculations about XRP’s future value, including predictions that the BRICS nations could adopt the token and drive its price to $10,000, the cryptocurrency market remains uncertain. As XRP continues to trade at levels seen in 2018, analysts are left wondering why the post-court ruling momentum has not been sustained.
