Fear not XRP Price Drop is Not as Severe as it Appears

XRP’s recent price surge following the SEC ruling has left experts scratching their heads.
Analysts are baffled by XRP’s inability to maintain its momentum after the court ruling, as the cryptocurrency has lagged behind 90 of the top 100 cryptocurrencies in terms of market value over the past day.
However, Bill Morgan, an analyst, suggests that the negative price activity may not be as dire as it seems. He points out that the significant increase in XRP’s price following Ripple’s legal victory over the SEC in July has skewed the current numbers.
Despite the fact that XRP’s performance has not been abysmal, Morgan is puzzled by the cryptocurrency’s failure to sustain its post-court decision rally. He questions why XRP is still trading at levels last seen in 2018, why the price increase effect was short-lived, and why it has almost entirely dissipated.
XRP experienced a notable price surge when U.S. District Judge Analisa Torres ruled that XRP is only considered a security when sold to institutional investors by Ripple. The token reached a high of $0.94 on the Bitstamp platform in 2023 after the ruling, sparking renewed enthusiasm. However, this surge was brief, with XRP dropping by 57% from its peak.
Currently, XRP is trading at approximately $0.5006, as per CoinMarketCap data, showing a 1.53% increase from the previous day. Despite this, the price is still down by 3.17% over the past week, indicating a bearish trend.
Some community members have raised concerns about Ripple potentially manipulating XRP’s price through its sales. However, Morgan dismisses this notion, stating that Ripple does not offer discounts to its on-demand liquidity clients, and therefore, the price remains unaffected by the company’s sales.
There have been speculations about the BRICS countries adopting XRP, which could potentially drive the token’s value up to $10,000.