Pro-XRP Lawyer Debunks FUD on XRP’s ripple Dumping, Will Price Rise to $1?
In an intriguing narrative emerging in the global crypto space, renowned pro-XRP advocate Bill Morgan has once again shared his views on X, clearing the fog surrounding Ripple‘s significant XRP declines in the market. In a post published today, May 6, Morgan drew significant attention to the FUD permeating the XRP community due to Ripple’s significant declines, calling it ‘ridiculous.’
Amidst the price correction that XRP observed last month, this statement seems to have quickly gained significant momentum as the token has not only rebounded but also recorded impressive daily and weekly gains. This painted a promising picture for XRP.
XRP Lawyer Bill Morgan Says FUD Continues to Spread Like a ‘Weed’
According to Morgan’s observations, recent discussions within the XRP community indicate growing concerns about the spread of fear, uncertainty, and doubt (FUD) regarding Ripple’s actions and intentions towards XRP. This FUD is primarily driven by the perception that Ripple is ‘abandoning’ XRP, i.e. selling large amounts of tokens, and some believe this could negatively impact its value. However, Morgan dismisses this as unfounded, arguing that Ripple’s actions are part of a strategic plan to increase the utility and adoption of XRP.
Despite Morgan’s best efforts to assuage these concerns with evidence-based arguments, the widespread perpetuation of such misinformation continues to plague the broader crypto market. Relatedly, Morgan also reposted a video in which Ripple executives publicly demonstrated their steadfast commitment to their native token, XRP, showing signs that pushing the token now would not meet the community’s long-term goals and was never an option.
Meanwhile, amid the pro-XRP lawyer’s optimistic remarks about the Ripple-backed token, market charts at press time showed positive momentum in line with Morgan’s comments.
XRP Price Is Rising, Is It $1 Rising?
As of writing, the XRP token has increased by 2.38% in the last 24 hours and is currently trading at $0.5421. The weekly charts of the token showed an increase of 7.35%, further attracting the attention of investors.
Meanwhile, renowned crypto analyst Egrag Crypto further highlighted vital information regarding the token’s price movements. The 300-day rolling XRP SSMP (Structural, Sentiment, Macro and Psychological) model has facilitated four key phases for the Ripple-backed token.
Structural Formation
According to the analyst, this direction focuses on XRP’s key support and resistance levels at $0.53 and $0.58, with recent data showing a strong base forming. Egrag noted that this indicates a potential uptrend, a period of sustained price increases starting from $0.55 – $0.58. A bullish run could see a significant increase in the value of the token, potentially reaching or even surpassing the $1 level.
Mood
Meanwhile, $0.63 – $0.70 marks a period when the market witnesses significant sentiment shifts. “Monitoring this range and volume provides insights into capturing price opportunities and managing risk,” the analyst added.
MACRO range
Whereas $0.75 – $0.85 potentially signals the beginning of a bull run. If XRP manages to close above this level on a weekly and monthly basis, the price period below $1 for XRP will end. The analyst notes that this could be a significant turning point for the token, potentially leading to a period of sustainable growth and increased investor confidence.
Also Read: XRP Case: Whale Moves 28 Million Coins Ahead of SEC Short Response Deadline
Psychological Battlefield
Finally, the $0.93-$1 range is where market sentiment and trends collide, with investors grappling with fear, greed, anxiety, and overconfidence. Still, Egrag argues that a monthly close above that “could mean saying goodbye to sub-$1 prices forever.”
Also Read: Tiger Brokers Introduces Crypto Trading Platform, Praises Support for BTC, ETH and Others#XRP SSMP Model – 300 Day Interval:
The 300-day trip is described in four stages.
A) Structural Formation:
0.53c to 0.58c is very important. There has been a strong base forming in recent weeks, indicating a potential upside starting from 0.55-0.58c.
B) Emotional State:… pic.twitter.com/oFZ4kObbaq
— EGRAG CRYPTO (@egragcrypto) May 6, 2024
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