Despite XRP’s underperformance recently, Attorney Bill Morgan still believes it can reach a new all-time high (ATH) this year.
For many investors, XRP’s performance has been disappointing, as the coin seems to be missing out on the ongoing bull run. While the prices of most crypto assets, including BTC and ETH, have spiked tremendously recently, XRP has remained around the $0.6 level for weeks.
It bears mentioning that XRP’s low performance has been attributed to the ongoing legal tussle between the SEC and Ripple. The lawsuit, which was introduced in December 2020, has had a devastating impact on the coin.
For instance, XRP missed out on the last bull cycle in 2021 as a result of the lawsuit. While multiple crypto assets reached new all-time highs in 2021, XRP could not break its previous ATH of $3.4, recorded in January 2018.
4 Factors That Can Take XRP to New ATH
Despite XRP’s low performance in recent times, prominent legal expert Bill Morgan speculated that the coin can still reach a new ATH this year after the resolution of the SEC v. Ripple lawsuit.
To back up his prediction, Morgan highlighted four factors that could propel XRP for a surge above $3.4.
First, he said the market needs to see that XRP has legal clarity. He pointed out that XRP received legal clarity in July 2023 when Judge Analisa Torres declared that XRP in itself is not a security. Morgan also emphasized that the declaration cannot be tampered with regardless of whether the SEC appeals the summary judgment.
According to Morgan, the final resolution of the SEC v. Ripple lawsuit is another factor that could take XRP to an all-time high this year.
Thirdly, the pro-crypto lawyer noted that the market needs to see that XRP has resumed trading on United States-based exchanges. This factor came into play after Judge Torres declared Ripple’s programmatic sales on digital exchanges as non-security.
Lastly, Morgan said the market would need to know whether Ripple can still sell XRP to U.S.-based On-Demand Liquidity (ODL) clients.
He noted that XRP can still surge beyond $3.4 this year without the second and fourth factors. However, both factors are necessary to “unlock the deferred massive impacts of 1 and 3,” he added.
At press time, XRP was trading at $0.63, up 22.85% over the past 30 days.
