Recent statements by Bill Morgan, an attorney, and vocal XRP advocate, have reignited interest among XRP investors, sparking predictions of a surge to all-time highs in 2024. Now that Bitcoin has reached a new all-time high above $70,000, Morgan believes XRP has room to grow, and many in the community share his sentiment.
In a recent post on X, Morgan leveraged historical data to highlight XRP’s tendency for strong performance in the second and fourth quarters. He identified several drivers for XRP’s potential growth.
If you are into the history doesn’t repeat but it rhymes philosophy then the 2nd and 4th quarters for XRP are historically when things happen. https://t.co/fC5062rJB3 pic.twitter.com/7IRwrHOSlR
— bill morgan (@Belisarius2020) March 8, 2024
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The Effects of the XRP Lawsuit on XRP’s All-time High
In another post, Morgan acknowledged the significance of the U.S. Securities and Exchange Commission’s (SEC) decision not to appeal the court ruling that classifies XRP as a non-security asset. Morgan emphasized that the market wants a definitive resolution to the ongoing lawsuit.
For XRP to reach its full potential, he believes four key factors need to be addressed:
Legal Clarity on XRP’s Status: The court’s ruling provided some clarity, but a definitive resolution from the SEC is still the desire of most of the XRP community.
Conclusion of the Lawsuit: The ongoing legal battle between Ripple and the SEC continues to cast a shadow of uncertainty, as full clarity may not be realized if the lawsuit is not concluded.
US Exchange Listings: Wider availability on major US cryptocurrency exchanges would significantly boost XRP’s accessibility and liquidity.
Unrestricted Use by Ripple: Ripple’s ability to freely sell XRP and use the digital asset in its cross-border solutions without court-imposed limitations is crucial for the digital assets adoption.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Sees $2.6 Billion Inflows in Just a Week As Investors Favor Ripple in SEC Lawsuit
Morgan points out that only the first two conditions have been met, underscoring the remaining hurdles that need to be overcome. Despite these uncertainties, Morgan remains optimistic, maintaining his forecast of XRP reaching a new all-time high in 2024.
Morgan believes that the amount Ripple pays as the penalty for institutional XRP sales will not matter. He believes the community should pay attention to the lawsuit but affirms that XRP can reach a new all-time high without meeting the other two outstanding conditions.
What’s Next for XRP
XRP is trading at $0.6236, up 0.66% over the past 24 hours. Analysts are predicting a massive breakout for the digital asset soon. Although the lawsuit has not reached its conclusion, many share Morgan’s belief that the outcome will not negatively impact XRP’s growth.
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