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Attorney Bill Morgan responds to criticism regarding XRP’s underperformance, revealing why XRP has lagged behind Bitcoin.
The broader crypto market experienced a major relief rally this week, propelling the prices of various assets to greater heights. Bitcoin led the market rally with a double-digit gain that took its price above $76,000 for the first time, marking a new all-time peak.
Pundit Criticizes XRP Performance
Following Bitcoin’s remarkable growth, an XRP critic compared XRP’s price action to BTC over the past year. The critic noted that while Bitcoin has doubled in one year, surging 117% to $75,970, XRP’s value has plummeted by nearly 25% in the same timeframe.
He expressed skepticism about claims that XRP has a greater price return potential, suggesting that the asset’s performance does not support this theory.
Bitcoin more than doubled in the last year.
Meanwhile XRP is down 25%
Keep listening to people who tell you XRP has a bigger price return potential. pic.twitter.com/bU9pYIPFnt
— 𝕾𝖈𝖆𝖒𝖘 𝖆𝖗𝖊 𝖇𝖆𝖉 (aka. ScamDaddy𐦐) (@ScamDetective5) November 6, 2024
Reason Behind XRP Plunge
Reacting, Attorney Morgan indicated that Scam Detective seems obsessed with XRP. He acknowledged XRP’s poor performance, confirming that the token ranks as the worst-performing coin among the top 10 cryptocurrencies over the past year.
You really are obsessed. We all know that XRP is the worst performing coin in the top 10 over the last 12 months and that like many coins it has been obliterated by bitcoin. It is also still in the top 10 and still subject to legal proceedings that have been on foot for 4 years.… https://t.co/VZWoLWFZTN
— bill morgan (@Belisarius2020) November 6, 2024
Notably, the lawyer asserted that XRP’s underperformance stems from the legal tussle between the U.S. SEC and Ripple. He mentioned that XRP has been entangled in the lawsuit that has lingered for four years since December 2020, negatively affecting its price.
According to Morgan, some entities still believe XRP is affiliated with Ripple, which is currently in the middle of the SEC war against crypto. For instance, in an article last month, Forbes referred to XRP as “Ripple.” He suggested that this sentiment has continued to have a bearish impact on XRP’s price.
XRP Is Still Relevant
Despite XRP’s underperformance, Morgan said the coin has continued to rank among the top 10 biggest cryptos by market cap. At press time, XRP ranks as the seventh-biggest cryptocurrency with a market cap of $31.49 billion. It briefly lost this position to Dogecoin yesterday, but immediately reclaimed it.
XRP’s daily volume is up 0.12% to $1.94 billion. This indicates that it still attracts significant interest among crypto enthusiasts. Currently, XRP is trading at $0.5537 per token, reflecting a 24-hour surge of 3.97%.
SEC v. Ripple Current Status
Meanwhile, the lawsuit between the SEC and Ripple is currently in the U.S. Court of Appeals for the Second Circuit. The court ordered the SEC to file its appellate brief by January 15, 2025, with Ripple expected to file its opposition several weeks later.
Afterward, Ripple will file its cross-appeal brief challenging the ruling regarding its institutional sales of XRP, which were deemed securities.
While the case is set to begin in January officially, XRP community members are anticipating that a new SEC administration, set up by President Donald Trump, might settle with Ripple. However, if the parties do not settle, the lawsuit might linger until 2026, affecting XRP’s performance along the way.