XRP’s underperformance has been explained by Attorney Bill Morgan, who responded to recent criticisms of the cryptocurrency’s lag behind Bitcoin. Despite a recent surge in the broader crypto market, XRP has struggled to keep pace.
XRP Criticized for Weak Price Action Compared to Bitcoin
As Bitcoin surged past $76,000 to reach a new all-time high, an XRP critic highlighted XRP’s struggles. This critic noted that while Bitcoin has doubled in value over the past year, XRP has dropped by nearly 25% during the same period. XRP’s lacklustre performance was pointed out as a contradiction to claims that it has a high potential for price gains.
Attorney Bill Morgan’s Insight on XRP’s Decline
In response to these criticisms, Attorney Morgan acknowledged XRP’s weak performance, confirming it as the worst performer among the top 10 cryptocurrencies over the past year. He attributed XRP’s ongoing struggles to the legal case between Ripple and the U.S. Securities and Exchange Commission (SEC), which has been ongoing since December 2020. This lengthy lawsuit has continued to weigh on XRP’s price, with some still associating XRP with Ripple despite regulatory complications.
Morgan further noted that certain publications, like Forbes, continue to refer to XRP as “Ripple.” According to Morgan, this misconception has maintained bearish sentiment around XRP.
XRP’s Position in the Crypto Market
Despite XRP’s price underperformance, it remains among the top 10 largest cryptocurrencies by market capitalization. XRP ranks as the seventh-largest crypto, boasting a market cap of $31.49 billion. XRP’s trading volume recently rose 0.12% to $1.94 billion, suggesting continued interest among crypto investors. As of the latest data, XRP trades at $0.5537, reflecting a 3.97% increase in the past 24 hours.
Read Also: SEC Crypto Crackdown Could Ease Under Trump Administration, Analysts Predict
Ripple v. SEC: Lawsuit Status and Future Outlook
The Ripple v. SEC lawsuit remains in progress, and the case has been moved to the U.S. Court of Appeals for the Second Circuit. The SEC has been directed to file its appellate brief by January 15, 2025, and Ripple’s opposition will follow. Ripple also intends to file a cross-appeal concerning the court’s earlier ruling on XRP’s institutional sales being deemed securities.
Some XRP community members are hopeful that a new SEC administration under President Donald Trump might settle with Ripple. However, if no agreement is reached, the lawsuit could extend until 2026, impacting XRP’s price performance.
