Better

Parabolic

Dream

Bill Morgan, an XRP advocate, has recently expressed skepticism regarding the lofty<a href="https://x.com/ZachRector7/status/1725292025006997546?s=20" target="_blank" rel="noopener nofollow"> price targets for XRP</a> circulating on social media. While the digital asset community is often rife with bullish predictions, Morgan’s realistic outlook presents a <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-dca-buy-zone-crypto-analyst/" target="_blank" rel="noopener ">grounded perspective</a> on the potential of XRP’s value. 
<h2 id="the-parabolic-price-move-a-myth-or-reality">The Parabolic Price Move: A Myth Or Reality?</h2> 
Since the significant ruling in the SEC v. Ripple case on July 23, which brought legal clarity to XRP, the asset has seen an uptick in its trajectory. 
The ruling led to multiple exchanges relisting XRP and forming strategic partnerships. Despite these developments, Morgan observed that the price of XRP has only modestly increased from $0.46 to $0.62. 
<blockquote class="twitter-tweet"> 
 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… <a href="https://t.co/NMwiWqfdWt" rel="nofollow">https://t.co/NMwiWqfdWt</a> 
 — bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1725367712799773070?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">November 17, 2023</a>
</blockquote> 
Morgan’s analysis delves deeper into the relationship between XRP’s market behavior and Bitcoin (BTC). Contrary to the popular belief that XRP might soon undergo a <a href="https://www.newsbtc.com/xrp-news/xrp-not-bank-stablecoin-post-amm/" target="_blank" rel="noopener ">parabolic price</a> increase, Morgan noted: 
<blockquote>
 We keep being shown charts supporting claims that a parabolic breakout is imminent but price still seems to just go up and down with Bitcoin and generally loses ground on the XRP/BTC pair.
</blockquote> 
This observation particularly challenges the narrative of a forthcoming surge in XRP’s value, often <a href="https://x.com/xrpmickle/status/1725345025154752531?s=20" target="_blank" rel="noopener nofollow">depicted</a> in the community’s discourse. 
The idea of XRP achieving a three-figure value seems even more improbable to Morgan. He questions the likelihood of such a significant increase in XRP’s price in the short, medium, or long term. 
While the crypto market is known for its unpredictability and rapid changes, Morgan’s post suggests expecting a meteoric rise in XRP’s price might be overly optimistic. His stance encourages a more measured and realistic approach to understanding XRP’s <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-prediction-fresh-rally-0-64/" target="_blank" rel="noopener ">future market performance</a>. 
<h2 id="xrp-latest-price-action">XRP Latest Price Action</h2> 
Meanwhile, XRP’s market performance has seen significant fluctuations recently. After an initial surge alongside the broader <a href="https://www.newsbtc.com/xrp-news/xrp-turn-around-price-bounces-back-signaling-upward-trend/" target="_blank" rel="noopener ">bullish crypto market trend</a>, the asset has faced a downturn, with a 10% decrease over the past week. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/m5T6EJ9b/" alt="XRP price chart on TradingView" width="2770" height="1556"> 
In the last 24 hours alone, XRP’s <a href="https://www.newsbtc.com/analysis/xrp/ripple-amms-to-xrpl-xrp-price/" target="_blank" rel="noopener ">price</a> has dipped by 4%, currently trading around $0.60, down from its weekly high of $0.69. 
This decline is also reflected in its trading volume, which has dropped from $3.5 billion to approximately $1.43 billion, indicating a notable decrease in trading activity. 
Featured image from Unsplash, Chart from TradingView

XRP’s Triple-Digit Forecast: Top Advocate Casts Doubts On Dream Valuation

Table of Contents

NewsBTC

Other articles published on Nov 18, 2023

A Glimpse at Ethereum Gas Fees: Alternatives to Layer-1 Blockchain

Proposal Spot Ethereum ETF oleh BlackRock adalah Kabar Positif

Shiba Inu Price Prediction: Flag Pattern Hints 18% Breakout Rally Ahead

Bitcoin Surpasses Ethereum in Transaction Fees for the First Time in 3 Years!

Wall Street Veteran Says Ripple IPO Is Coming – Here’s When

XRP Faces Selling Pressure as Market Momentum Takes a Downturn

Join our free newsletter for daily crypto updates!