Bill Morgan forecasts that XRP might exceed $3.4 with improved legal certainty.

in brief

• Attorney Bill Morgan has identified key factors that could drive XRP to exceed its record high of $3.4 within the current year.
• A pivotal moment for XRP took place in July 2023 when Judge Analisa Torres ruled affirmatively on XRP’s non-security status, providing vital legal clarity for the cryptocurrency.
• The prolonged legal dispute between the SEC and Ripple has presented a significant barrier to XRP’s market journey, impeding its involvement in the cryptocurrency bull run of 2021.

Attorney Bill Morgan has delineated crucial factors that may propel the cryptocurrency XRP to exceed its previous all-time high (ATH) of $3.4 within the upcoming year. While the digital asset has shown subdued performance amidst a broader market upswing, Morgan’s analysis illuminates potential catalysts for a substantial price surge.

Legal clarity for XRP and bolstered market confidence

Morgan highlights achieving legal clarity as a critical factor for XRP’s resurgence. In July 2023, Judge Analisa Torres’s ruling, affirming XRP’s non-security status, marked a significant milestone in this regard. Despite potential appeals from the Securities and Exchange Commission (SEC), Morgan asserts the enduring importance of this decision, considering it foundational for rebuilding investor trust in XRP.

Moreover, the resolution of the protracted lawsuit between the SEC and Ripple, closely linked with XRP, is deemed crucial for the cryptocurrency’s revival. Initiated in December 2020, this legal battle has severely impacted XRP’s market performance, preventing its participation in the cryptocurrency boom of 2021, during which many digital assets achieved record highs. Resolving this legal uncertainty is viewed as pivotal for restoring XRP’s full market potential and investor confidence.

Trading resumption and Ripple’s sales

Another significant factor underscored is the resumption of XRP trading on United States-based exchanges. This milestone followed Judge Torres’s declaration that Ripple’s programmatic sales on digital exchanges did not constitute security transactions. The reinstatement of XRP on major platforms is expected to enhance liquidity and investor interest, potentially driving the asset towards new highs.

Furthermore, the market eagerly awaits clarification on whether Ripple can continue selling XRP to U.S.-based On-Demand Liquidity (ODL) clients. While not immediately critical for a price surge, this aspect is vital for unlocking the full potential of the aforementioned factors.

Morgan suggests that even in the absence of a final resolution to the SEC lawsuit and clarity on Ripple’s sales to ODL clients, XRP holds the potential to surpass its all-time high. Nevertheless, he stresses that these factors play a crucial role in realizing the significant impacts of legal clarity and the resumption of trading on U.S. exchanges, which have been deferred.

The ongoing legal proceedings and regulatory uncertainties have cast a shadow over XRP’s market performance. However, Morgan’s analysis provides a glimmer of hope for investors seeking indications of a turnaround. Given the cryptocurrency market’s sensitivity to regulatory and legal developments, the eventual resolution of these issues could indeed ignite XRP’s growth.