Cryptocurrency

Squid Game

<div class="finbold">
 <p class="paragraph">After a prolonged legal battle, XRP gained partial regulatory clarity when the court declared it not a security in the Securities Exchange Commission (SEC) case, a factor anticipated to boost its price. However, while there was an initial surge post-legal clarity, XRP later corrected to align with the broader market.</p>
 <div></div>
 <p class="paragraph">In this line, pro-Ripple lawyer Bill Morgan, in an X (formerly Twitter) post on November 29, expressed his surprise and concern over the seemingly sluggish price performance of XRP compared to other major cryptocurrencies.&nbsp;</p>
 <p class="paragraph">Morgan raised questions about the peculiar market behavior of XRP even after the digital asset obtained legal clarity following a period of scrutiny by the SEC. He suggested that XRP would have likely maintained a growth trajectory similar to other cryptocurrencies without the legal case.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Wow. I never realized XRP’s price performance was this poor compared to other major coins and not only compared to Bitcoin and Ethereum. It has, of course, been under the cloud of an SEC investigation and then lawsuit that entire period but you would think it would have caught up more after obtaining legal clarity. Very strange,” he said.</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-why-is-xrp-stagnating">Why is XRP stagnating?&nbsp;</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/30/b4e57024ede3f520c5c0d7eff475d4b3.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="machine-learning-algorithm-predicts-ethereum-price-for-xmas-day">Machine learning algorithm predicts Ethereum price for Xmas day</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/30/8f25b3b8761e37061c09a386535dfdc0.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="warning-squid-game-cryptocurrency-re-emerges-amid-netflix-hype">Warning: Squid Game cryptocurrency re-emerges amid Netflix hype</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/30/9085081cca0cb9b8a2f75e1aba9eeb27.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="cardano-founder-clashes-with-xrp-community-again">Cardano founder clashes with XRP community again</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/30/a6755a0b1ae443eb67d0b9d345b5b7b3.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bloomberg-analyst-reaffirms-90-chance-of-bitcoin-etf-approval-in-january">Bloomberg analyst reaffirms 90% chance of Bitcoin ETF approval in January</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/29/d867fcc6b3664466b6913b96796d104e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="expert-crypto-predictions-what-s-next-in-2024">Expert crypto predictions; What's next in 2024?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">The lawyer made this observation in response to a post that pointed out that XRP was trading at $0.50 five years ago, whereas Bitcoin (BTC) was valued at $6,420. Currently, XRP is slightly above the $0.50 mark, while Bitcoin aims for the $40,000 mark.&nbsp;</p>
 <p class="paragraph">Interestingly, Morgan contested the idea that the stagnation in Ripple’s price is solely due to selling pressure.</p>
 <p class="paragraph">The legal expert presented a three-point argument, highlighting that the quarterly release of 3 billion XRP from escrow is offset by 800 million XRP returned monthly. He emphasized the insignificance of the monthly release of 200 million XRP compared to the daily trading volume, suggesting minimal impact.&nbsp;</p>
 <p class="paragraph">Additionally, he pointed out that the inflation rate from Ripple’s escrow release is 5.4%, lower than other projects like Flare and Solana (SOL).</p>
 <h2 class="wp-block-heading" id="h-the-sec-case-impact">The SEC case impact&nbsp;</h2>
 <p class="paragraph">Notably, despite XRP gaining some <a rel="noopener noreferrer nofollow" title="clarity" href="https://thebittimes.com/tag/clarity.html">clarity</a> from the case, <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> uncertainty around the matter is still lingering. The possibility of the SEC appealing the court’s decision on Programmatic Sales has introduced uncertainty into the asset’s future <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> direction.</p>
 <p class="paragraph">Ongoing negotiations between the SEC and Ripple regarding XRP sales to institutional investors are underway. The resolution of these talks or a definitive disgorgement ruling can impact the token’s valuation.&nbsp;</p>
 <p class="paragraph">There is also speculation about a potential Ripple-SEC settlement following reports of a closed-door meeting by the financial regulator. A settlement could trigger optimism among XRP holders, potentially prompting a buying frenzy fueled by the Ripple community’s tendency to rally around positive news.</p>
 <p class="paragraph">As of press time, XRP grapples with maintaining its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above $0.60, experiencing daily losses of approximately 1% as it trades at $0.60. On the weekly chart, XRP shows a decline of over 2%.&nbsp;</p>
 <p class="paragraph">Meanwhile, apart from <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> concerns, XRP is poised for potential growth if Ripple’s technology gains adoption in various jurisdictions.</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/lawyer-bill-morgan-questions-very-strange-xrp-price-movement-after-legal-clarity-tbt72183.html">https://thebittimes.com/lawyer-bill-morgan-questions-very-strange-xrp-price-movement-after-legal-clarity-tbt72183.html</a></p>

Lawyer Bill Morgan questions ‘very strange’ XRP price movement after legal clarity

Table of Contents

TheBitTimes

Other articles published on Nov 30, 2023

Bitcoin Thirst for Water Power Debunked: New Studies Highlight Eco-Friendly Mining

Deciphering the Impact of Upcoming Bitcoin and Ethereum Options Expirations

Stability AI Faces Investor Pressure and Controversy Amid CEO Resignation

Exploring the Potential Surge in Dogecoin Value as Bitcoin Bulls Struggle to Maintain Position

Listing di Bursa Ternama, Memecoin BONK Terbang Tinggi Bak Roket

Dove 850 sets a new standard in 800G DSP innovation

Join our free newsletter for daily crypto updates!