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XRP, the Ripple-affiliated token, has failed to hold above the pivotal $0.60 level.
The token is showing weakness despite the relative bullishness of the broader cryptocurrency market.
Earlier today, Bitcoin managed to break above the $64,000 level, adding 1.5% over the past 24 hours. The vast majority of major altcoins are also in the green, with Ethereum (ETH) adding 3.2%.
After dipping by nearly 1% over the past 24 hours, XRP has ended up among the worst-performing cryptocurrencies in the top 100, with only Bonk (BONK), BitTorrent (BTT), and several arcane cryptocurrencies showing more underwhelming results.
According to analyst Bill Morgan, the bulls' inability to gain a footing above the aforementioned level matters in the short term.
"Failure to break and stay above $0.60 means soon falling below the 20-day EMA and it has been a point of strong resistance," he said.
"An antidote to hype"
Morgan has clarified that his observation is supposed to be "an antidote" to the hype surrounding the controversial token.
Many community members have been incessantly speculating about XRP potentially hitting a new lifetime peak after Ripple's battle with the SEC seemingly came to an end earlier this year.
No price suppression
Last month, David Schwartz, chief executive officer at Ripple, stated that he had no idea what factors were actually driving up the price of XRP.
Earlier this week, Schwartz also shut down price manipulation conspiracies, claiming that he would make the price go up if he could since he himself is a holder of the XRP token.