Long-Term Analysis Better For XRP Price, Crypto Enthusiast Says
December 19 2023 - 2:30PM
NEWSBTC
Bill Morgan, a cryptocurrency enthusiast and lawyer, has
underscored an insightful factor towards investing in the XRP
token. Bill Morgan On XRP Price Action The lawyer recently
used X (formerly Twitter) to share his optimism about XRP’s price
action. According to the analyst, traders and investors interested
in the crypto asset’s price movement should concentrate on the long
term. Bill Morgan’s post addressed yesterday’s volatility and how
the cryptocurrency community perceived it. The X post was published
in response to “Matt,” the Moon Lambo YouTube Channel host.
Related Reading: Crypto Analyst Predicts Short-Term XRP Price Rally
To $18 The host refuted the cryptocurrency community members’
assertions that yesterday’s XRP decrease was more violent than
other coins. Morgan provided an alternative viewpoint while
admitting that Matt’s position was correct. The analyst
asserted that XRP’s price behavior has not been “excellent” over
the past month despite a market-wide increase, falling by over 2%.
Because of this, he believes the decline of digital assets was more
difficult than expected. He further pointed out that the token has
experienced a rebound today but has not been very robust.
Furthermore, he asserted that he “does not place much significance
on a month’s price action” in these markets. He believes conviction
must go “beyond a day, week, or month of price movement.” So far,
Morgan has noted that yesterday’s decline did not affect him
emotionally. He was only surprised by yesterday’s fall’s depth and
today’s recovery’s weakness. Nonetheless, he has clarified that
this would not influence his choice to hold or sell the digital
asset. The Crypto Asset Price To Reach $22 Several cryptocurrency
enthusiasts have recently expressed a bullish sentiment toward
XRP’s price action. On Sunday, Patrick Riley, the founder of Reaper
Financial, stated that the token will reach $22 in the next bull
run. Riley added that the crypto asset will maintain a $10 price
level after the bull run. Since analysts predict the next bull run
will be in 2024, XRP might reach $22 next year. Related
Reading: Galaxy Digital CEO Expresses Bullish Sentiment On XRP The
cryptocurrency founder made other audacious claims besides his $22
price mark estimate. He believes that XRP will eventually
“overtake” Bitcoin, though he did not provide a specific timeframe
for this event. As of this writing, XRP was trading at $0.6081, an
increase of over 3% in the past 24 hours. The token is gradually
regaining momentum and is currently ranked 5th by market
capitalization. Featured image from iStock, chart from
Tradingview.com
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