XRP on the Path to Surpass $3.4, Predicts Attorney Bill Morgan
Attorney Bill Morgan’s recent insights into the cryptocurrency XRP have sparked optimism among investors, suggesting a potential surge beyond its previous all-time high (ATH) of $3.4 within the year.
Despite a lackluster performance in the midst of a broader market rally, Morgan has identified key factors that could act as catalysts for a significant price movement. On the other hand, there are potential talks of an XRP exchange-traded fund (ETF) in the near future, and Ripple CEO Brad Garlinghouse has expressed optimism regarding the same.
XRP to Achieve Legal Clarity
The first crucial element outlined by Morgan is the imperative need for XRP to achieve legal clarity. This milestone appeared to have been partially reached in July 2023, when Judge Analisa Torres ruled that XRP does not qualify as a security.
According to Morgan, this decision holds immense significance and remains resilient to potential appeals from the Securities and Exchange Commission (SEC). He argues that such foundational clarity is pivotal in restoring investor confidence in the altcoin.
Ripple vs. the SEC
Another critical step towards the cryptocurrency’s recovery lies in the resolution of the ongoing lawsuit between the SEC and Ripple, the company closely associated with XRP.
Initiated in December 2020, this legal battle has significantly impeded XRP’s market performance, preventing it from participating in the 2021 bull run that saw numerous cryptocurrencies reach unprecedented highs.
Resumption of XRP Trading on US Exchanges
Morgan also emphasizes the resumption of XRP trading on United States-based exchanges as a substantial factor.
This development followed Judge Torres’s assertion that Ripple’s programmatic sales on digital exchanges did not constitute security transactions. The anticipated reinstatement of XRP on major platforms is expected to boost liquidity and attract investor interest, potentially propelling the asset towards new highs.
Unlocking the Potential of ODL
In addition to the resumption of trading, the market is eagerly awaiting clarification on whether Ripple can continue selling XRP to its US-based On-Demand Liquidity (ODL) clients. Although not an immediate necessity for a price surge, this aspect is deemed essential for unlocking the full potential of the aforementioned factors.
Morgan suggests that even in the absence of a final resolution in the SEC lawsuit and clarity on Ripple’s sales to ODL clients, XRP has the inherent potential to surpass its ATH. Nevertheless, he underscores the instrumental role these factors play in unleashing the “deferred massive impacts” of legal clarity and the resumption of trading on US exchanges.
