Crypto analyst and legal expert Bill Morgan has humorously suggested that the price of XRP may soon fall below the $3 mark. His quip came in light of what he described as a series of bullish developments that ironically have contributed to the digital asset’s decline.
In a recent post on X, Morgan discussed the recent partnership between Ripple and significant financial institutions, including DBS and Franklin Templeton. This collaboration aims to create a trading and lending solution that utilizes tokenized money market funds available on the XRP Ledger and in stablecoins like RLUSD. Despite such promising news, Morgan pointed out that the XRP price has consistently dipped.
He also noted the launch of the REX-Osprey XRP ETF, a noteworthy development as it marked the first U.S. fund offering investors direct exposure to XRP. Furthermore, the CME Group’s announcement to introduce options on XRP futures on October 13 was perceived as another potentially bullish indication. Despite these positive announcements, Morgan remarked that the XRP price continues to trend downward, likening the situation to a déjà vu experience reminiscent of trends observed from 2018 through October 2024.
Adding a touch of humor, Morgan expressed his reluctance to share more bullish news for fear it could further depress the XRP price. His comments were in response to Coinbase’s recent announcement about the rapid growth of Solana and XRP Perpetual-Style Futures, which reportedly generated over $1.9 billion in notional volume and saw more than 1.6 million contracts traded within just a month.
Morgan eventually acknowledged that the main factor affecting XRP’s price is the performance of Bitcoin, rather than the string of positive developments he had discussed. He pointed out that XRP’s fluctuations are closely tied to Bitcoin’s price movements, aligning with insights from Ripple’s defense in its ongoing lawsuit with the SEC.
In a broader analysis, fellow crypto analyst CasiTrades emphasized that XRP is experiencing a downturn alongside Bitcoin. She noted that the altcoin’s failure to reach a new local high might pave the way for a deeper correction, projecting a potential drop to the range of $2.92 to $2.94, consistent with both the .618 retracement and the measured C-wave extension.
As of the latest data, XRP is trading around $3, showing a decline over the past 24 hours, reflecting the ongoing volatility in the cryptocurrency market.
