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- According to Bill Morgan, XRP’s long term price behavior would provide better results when analyzing its price behavior.
- Matt of Moon Lambo denied that XRP dropped more than other cryptos during yesterday’s volatility.
- XRP dropped from around $0.60886 to $0.57797 yesterday in the space of six hours.
Bill Morgan, a lawyer and self-proclaimed digital assets enthusiast, believes investors and traders interested in XRP’s price action should focus on the long term. Morgan made the statement while addressing yesterday’s market volatility and the crypto community’s impression of it. He detailed XRP’s performance over the last month, noting that when analyzing the price, convictions need to be deeper than a day, week, or month of price action.
This is correct but placed in the context of XRP’s price action over the last month it is not great. XRP is down over 2% over the last month. Many but not all top 50 coins are up over the last month. In that context the fall was harder comparatively than could have been expected… https://t.co/VrlD2k0mWu— bill morgan (@Belisarius2020) December 19, 2023
Morgan made the statement while responding to a post on X (formerly Twitter) by the influencer and host of the Moon Lambo YouTube channel, Matt, who debunked claims by crypto community members saying that XRP dropped more ferociously than other coins yesterday. According to Matt, XRP was in the 25th position among the top 50 coins by market cap regarding gains and losses at the time of his post.
While acknowledging the accuracy of Matt’s position, Morgan offered a different perspective. He noted that XRP’s price action has not been great over the last month, having fallen by more than 2% amid a market-wide rally. Hence, he thinks the top crypto’s fall was comparatively harder than expected.
XRP dropped from around $0.60886 to $0.57797 in the space of six hours during yesterday’s trading session. The fall reflected a 5.07% drop in price over the short period, according to data from TradingView.
XRPUSD Hourly Chart on TradingView
The top crypto’s price rebounded after the initial drop, recovering from the loss and closing above its opening price before the trading day ended. However, Morgan stated that he was surprised by the extent of yesterday’s price drop and the weakness of the recovery, given XRP’s behavior in the last month. Nevertheless, he clarified that it would not affect his decision to hold or sell the altcoin.
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