Crypto -expert and legal expert Bill Morgan Humoristic predicted that the XRP price will fall below $ 3. Ironically, he referred to a series of bullish developments if what would contribute to the price crash.
XRP price for crashing under $ 3 in the midst of Bullish Developments
In one XMorgan predicted that the XRP price would fall $ 3 while he joked about how the Altcoin continues to fall despite bullish developments. This came when he emphasized Ripple’s partnership with DBS and Franklin Templeton to offer a trade and credit solution, powered by Tokenized Money Market Funds The XRP whides And in stablecoins such as Rlusd.
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Prior to his prediction, the legal expert had also emphasized how the XRP price fell despite “all the good news”, including the launch of the Rex-Esprey XRP ETF. The ETF became the first American fund to offer investor exposure to XRP. Morgan also referred to the announcement of the CME Group of plans to launch options on XRP -Futures on 13 October.
Meanwhile the Federal Reserve reduced interest rates For the first time this year, a development that would be expected to be Bullish for the XRP price. Despite these developments, however, the crypto expert noted that the XRP price was still falling. He stated that it felt like “Déjà Vu”, pointing to the period between 2018 and October 2024.
Meanwhile in another XThe crypto expert joked that he was afraid of posting more good news for fear that the XRP price can continue to fall. This came in reference to the announcement of Coinbase that in just one month the Solana and XRP eternal style Futures are exponentially scaled. The Crypto Exchange announced that these futures have generated more than $ 1.9 billion in notion volume, with more than 1.6 million contracts that have been traded.
“No mystery” in why XRP is down
Bill Morgan finally admitted it That there is no mystery in the reason why the XRP price is actually, notes that it was due to The Bitcoin price Instead of all the ‘good news’ he had pointed out before. He also noted that this overwhelming reality and the most important factor in the XRP price movement, which is strongly correlated with the BTC price dynamics. The legal expert added that this is consistent with Ripple’s expert evidence in the sec versus Ripple right case.
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Crypto analyst Casitrades also noted That the XRP price takes a hit next to Bitcoin and that because the Altcoin was unable to make a new local high, the door is open for a deeper correction. She stated that the Altcoin could fall to between $ 2.92 and $ 2.94, because this matches both the .618 retracement and the Measured C-Wave extension.
At the time of writing, the XRP price acts according to around $ 3, according to the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Adobe Stock, Chart van TradingView.com