In the unpredictable world of cryptocurrency trading, Australian lawyer Bill Morgan has raised worries. He’s specifically pointed out the poor showing of XRP compared to well-known cryptos such as Bitcoin. Over a prolonged period, XRP’s performance has noticeably underperformed.
XRP Versus Bitcoin Plummeted On Every Timeframe
Bill Morgan’s analysis provides insight into XRP‘s response to the leading cryptocurrency since the beginning of 2021. The lawyer’s findings indicate that XRP has underperformed not only Bitcoin but also Ethereum (ETH) and the US dollar across all timeframes, including the short term (24 hours) and long term (three years). This revelation serves as a cautionary note regarding XRP’s struggles during this period.
This significant warning about XRP‘s struggle in the market serves as a reminder for investors to reassess their strategies. Previously, Morgan had advised the crypto community that regardless of when they started comparing XRP to Bitcoin (BTC), XRP had not kept pace with its growth.
An attorney’s post was made in reaction to an anonymous user named X, who asserted that since the judgement for summary judgment became clearer nine months ago, XRP has suffered a loss of over 76% compared to Bitcoin. To be more precise, last July brought about a definitive ruling on the character of XRP according to the summary judgment.
The SEC, or United States Securities and Exchange Commission, has charged Ripple Labs with selling XRP as an unregistered security, implying that the coin is a security itself. However, Judge Torres disagreed with the commission in her ruling, stating that XRP should be classified as a digital token rather than a security. Consequently, XRP joins the ranks of fully regulated cryptocurrencies following this court decision.
Morgan disagrees with the X user’s perspective that the development may have caused a decrease in price relative to Bitcoin. It’s important to note that this event doesn’t necessarily mean that legal clarity was the cause of the price drop, nor is it insignificant for the token or any other cryptocurrency in the market.
The Pair Headed For Antarctica
Morgan isn’t alone in expressing interest in the pair recently. Notably, market expert Peter Brandt has also shared his thoughts, implying that the XRP/BTC pair may be on its way to reach new lows, causing excitement and curiosity among investors regarding the potential implications.
Peter Brandt’s surprising and enigmatic comment about the asset relative to the BTC chart could be interpreted in several ways. It might paint a bleak, pessimistic image, implying that prices could plummet to record lows, as cold and unforgiving as the harsh Antarctic winter.
On the other hand, his statement may signify exploring uncharted waters and diving deeper than ever in the cryptocurrency sector based on recent trends. It’s possible that Brandt’s comment was referring to a downside aspect of the pair.
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2024-04-15 14:41