Bill Morgan, a cryptocurrency enthusiast and attorney, has underlined an insightful insight factor to invest in the XRP token.
Bill Morgan on XRP Price Action
The lawyer recently used X (formerly Twitter) to part his optimism about XRP’s price action. According to the analyst, traders and investors are interested in the crypto assets price movement need to focus 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’, Moon Lambo’s YouTube channel host.
The host refuted the cryptocurrency community members’ claims that yesterday’s XRP decline was more violent than that of other coins. Morgan offered an alternative position while conceding that Matt’s position was correct.
The analyst claimed that XRP’s price behavior was not “excellent” over the past month, despite a market-wide increase of over 2%.
Therefore, he believes that the decline of digital assets has been more difficult than expected. He further pointed out that the token has seen a recovery today, but has not been very robust.
Furthermore, he claimed that he “doesn’t attach much importance to the one-month price action” in these markets. He believes that the condemnation “should go beyond a day, week or month of price movements.”
So far, Morgan has done that noted that yesterday’s decline did not affect him emotionally. He was just surprised by the depth of yesterday’s decline and the weakness of today’s recovery. Nevertheless, he made it clear that this would not affect his choice to keep or sell the digital asset.
The price of crypto assets will reach $22
Several cryptocurrency enthusiasts have recently expressed bullish sentiment on XRP’s price action. On Sunday, Reaper Financial founder Patrick Riley said: declared that the token will reach $22 on the next bull run.
Riley added that the crypto asset will maintain a price level of $10 after the bull run. With analysts predicting that the next bull run will occur in 2024, XRP could reach $22 next year.
The cryptocurrency founder made other bold claims in addition to his $22 price estimate. He believes that XRP will eventually “overtake” Bitcoin, although he did not provide a specific time frame for this event.
At the time of writing, XRP was trading at $0.6081, up over 3% in the past 24 hours. The token is gradually gaining momentum and currently ranks 5th in terms of market capitalization.
Featured image from iStock, chart from Tradingview.com
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