In a compelling narrative unfolding within the global crypto space, the renowned pro-XRP lawyer Bill Morgan once again shared his insights on X, dispelling the fog surrounding Ripple’s significant XRP dumps in the market. In a post published today, May 6, Morgan brought crucial attention to the FUD permeating the XRP community due to Ripple’s substantial dumps, dismissing it as ‘nonsense.’

This declaration seems to have swiftly gained significant momentum, as amidst a price correction observed by XRP over the past month, the token has not only recovered but also recorded impressive daily and weekly gains. This has painted a promising picture for XRP ahead.

XRP Lawyer Bill Morgan Says FUD Keeps Spreading Like ‘Weeds’

As per Morgan’s observations, recent discussions within the XRP community showcase that worries have escalated about the spread of fear, uncertainty, and doubt (FUD) regarding Ripple’s actions and intentions towards XRP. This FUD primarily stems from the perception that Ripple is ‘dumping’ XRP, i.e., selling large quantities of the token, which some believe could negatively impact its value. However, Morgan dismisses this as baseless, arguing that Ripple’s actions are part of a strategic plan to increase XRP’s utility and adoption.

Despite Morgan’s best efforts to counter these concerns with evidence-based arguments, the widespread perpetuation of such misinformation continues to plague the broader crypto market. Concerning this, Morgan also reposted a video wherein Ripple execs publicly displayed undeterred devotion to their native token, XRP, illustrating signs that rug-pulling the token now would not meet the community’s long-term goals, and was never an option.

Meanwhile, amidst the pro-XRP lawyer’s optimistic remarks on the Ripple-backed token, its market charts at press time illustrated a positive momentum, falling in line with Morgan’s comments.

XRP Price Soars, $1 Looms?

As of writing, the XRP token has gained 2.38% in the past 24 hours and is currently trading at $0.5421. The token’s weekly charts illustrated a 7.35% upswing, further piquing substantial investor attention.

In the interim, a renowned crypto analyst, Egrag Crypto, further spotlighted vital insights into the token’s price movements. The XRP SSMP (Structural, Sentiment, Macro, and Psychological) model, ranging for 300 days, facilitated four crucial stages for the Ripple-backed token.

Structural Formation

According to the analyst, this aspect focuses on the key support and resistance levels of XRP, $0.53 and $0.58, with recent data illustrating a strong base formation. This hints at a potential bullish run, a period of sustained price increase, starting at $0.55 – $0.58, Egrag stated. A bullish run could see the token’s value increase significantly, potentially reaching or even surpassing the $1 mark.

Sentiment Status

Meanwhile, $0.63 – $0.70 marks a time wherein the market witnesses prominent sentiment shifts. ‘Monitoring this range and volume provides insights for seizing price opportunities and managing risk,’ the analyst added.

MACRO Range

Whereas, $0.75 – $0.85 potentially signals the start of a bull run. If XRP manages to close above it weekly, and monthly, the era below $1 price for XRP will cease to exist. This could be a significant turning point for the token, potentially leading to a period of sustained growth and increased investor confidence, the analyst points.

Also Read: XRP Lawsuit: Whale Moves 28M Coins Ahead SEC’s Reply Brief Deadline 

Psychological Battlefield

Lastly, the $0.93-$1 range is where market sentiments and trends clash, with investors grappling with fear, greed, anxiety, and overconfidence. Nonetheless, a monthly close above it ‘could mean saying goodbye forever to prices below $1,’ Egrag claims.

#XRP SSMP Model – Ranging for 300 Days:

300 days of ranging explained in four stages or phases.

A) Structural Formation :
0.53c to 0.58c is crucial. Recent weeks show a strong base forming, hinting at a potential bullish run starting at 0.55-0.58c.

B) Sentiment Status :… https://t.co/6IZLMwqk6G pic.twitter.com/oFZ4kObbaq

— EGRAG CRYPTO (@egragcrypto) May 6, 2024

Also Read: Tiger Brokers Debut Crypto Trading Platform, Lauds Support For BTC, ETH, & Others

The post Pro-XRP Lawyer Debunks FUD Over Ripple Dumping XRP, Price To Hit $1? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am