The XRP price action continues to be a concern for many in the XRP community. Some have gone as far as stating that the crypto token’s price is suppressed. This pro-XRP legal expert, however, thinks otherwise as he provides a different perspective on XRP’s relatively tepid movement.
XRP Holders Need Deeper Conviction In a post on his X (formerly Twitter) platform, Bill Morgan said that convictions (likely in reference to XRP holders) need to be “deeper than a day, week, or month of price action.” He mentioned how he doesn’t read much into a month’s price action in the crypto market.
Before then, the legal expert had highlighted how XRP’s price action hasn’t been great, as it is down over 2% over the last month. Although the 2% drop seems to be significant to Morgan, he was choosing to hold firm to his belief about XRP’s potential. His post came in response to XRP YouTube Moon Lambo’s post, which was also on XRP’s recent price action.
In his post, Lambo had a word for the naysayers as he stated that there was nothing “weird” with the XRP price decline since other coins were suffering a similar fate at the moment. However, Lambo’s statement was in reference to XRP’s price action in a 24-hour timeframe, and that might do little or nothing to alleviate the concerns of those worried about XRP’s price.
XRP at $0.61 | Source: XRPUSD On Tradingview.com Narrative Also Matters When Looking At XRP Price Action Moon Lambo wasn’t done yet as he went on to further elaborate on why XRP’s price action shouldn’t be worrisome. In a subsequent X post, he noted that anyone can paint whatever narrative they want about a coin by alluding to only price data over a specific period. While speaking about XRP’s declining price action, many only seem to allude to the present.
However, Lambo was quick to recount XRP’s past successes in case some of the holders might have forgotten. He highlighted how XRP “destroyed” Bitcoin in the 2017 bull market as it surged by 80,000% then. XRP also happens to be one of the “most successful coins in history,” in Lambo’s opinion, considering that it is currently ranked fifth by market cap.
The XRP YouTuber was simply suggesting that XRP Holders were paying so much attention to the short-term price action rather than the bigger picture. He believes that this short-term price action does not matter in the grand scheme of things as they are not an indicator of XRP’s future trajectory.
Lambo reasserted that he isn’t worried about the XRP price action. The only time when he will be worried is if Bitcoin were to hit a new all-time high (ATH) and altcoins like XRP don’t follow. Until then, he says that the “rational thing” to do is to do nothing.
At the time of writing, XRP is trading above $0.6, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Watcher Guru, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.