In a fascinating story developing in the global cryptocurrency industry, well-known pro-XRP attorney Bill Morgan clarified the confusion surrounding Ripple’s large XRP dumps in the market by sharing his thoughts on X once more. In a message published today, May 6, Morgan called attention to the FUD that has been spreading around the XRP community due to Ripple’s significant dumps, calling it “nonsense.”
This statement has gained much traction quickly because, during the month-long price correction that XRP has witnessed, the token has not only bounced back but has also shown remarkable weekly and daily gains. This has been demonstrated that XRP has bright prospects.
FUD Is Spreading Like “Weeds,” According to XRP Attorney Bill Morgan
According to Morgan’s observations, the XRP community has recently been discussing how concerned people are about the growing fear, uncertainty, and doubt (FUD) around Ripple’s plans and activities involving XRP. The primary source of this FUD is the idea that Ripple is “dumping” XRP or selling vast amounts of the coin, which some people think could harm its value. Morgan, however, rejects this as unfounded and contends that Ripple’s actions are a tactical manoeuvre to boost the use and uptake of XRP.
Morgan has attempted to address these worries with arguments supported by facts. However, the widespread spread of false information still affects the larger cryptocurrency 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 bullish views on the Ripple-backed cryptocurrency, its market charts at press time revealed a positive trend, falling to Morgan’s comments.
XRP Price Rises, $1 Is Near?
As of this writing, the XRP coin is now trading at $0.5421, up 2.38% over the last 24 hours. The token’s weekly charts showed an increase of 7.35%, attracting investors’ significant attention.
Meanwhile, prominent cryptocurrency expert Egrag Crypto provided additional critical information on the token’s price fluctuations. The XRP SSMP (Structural, Sentiment, Macro, and Psychological) model, lasting over 300 days, supported four crucial stages for the Ripple-backed coin.
Formation of Structures
According to the analyst, this aspect focuses on the critical support and resistance levels of XRP, $0.53 and $0.58, with recent data suggesting a robust base formation. Egrag suggests a possible bullish run, or a stretch of steadily rising prices, from $0.55 to $0.58. The token’s value might rise sharply during a bullish run, possibly hitting or surpassing $1.
Sentiment Status
Meanwhile, $0.63 – $0.70 marks when the market witnesses prominent sentiment shifts. The analyst continued, “Watching this range and volume offers insights for grabbing price opportunities and managing risk.”
MACRO SAMPLE
Whereas $0.75 – $0.85 likely signifies the commencement of a bull run. If XRP manages to close above it weekly and monthly, the era of XRP’s below $1 price will cease to exist. The analyst points out that this could be a significant turning point for the token, potentially leading to a period of sustained growth and increased investor confidence.
Psychological Battlefield
Finally, investors are experiencing fear, greed, anxiety, and overconfidence as market attitudes and trends collide in the $0.93- $1 area. Nonetheless, a monthly close above it ‘could mean saying goodbye forever to prices below $1,’ Egrag claims.
#XRP Structural, Sentiment, & Psychology Analysis 📊
In the chart below, we can categorize #XRP into the following classifications:
A) Structural Formation 🏗️:
0.54c to 0.58c is the make-or-break range for XRP. This range has been a pivotal player since May 2022 until July… pic.twitter.com/ei5N2ROQ94— EGRAG CRYPTO (@egragcrypto) October 27, 2023
