Long-Term Analysis Better For XRP Price, Crypto Enthusiast Says
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.
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.
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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