XRP attorney Bill Morgan has expressed deep concerns over the prolonged decline of XRP’s value against Bitcoin (BTC) and Ethereum (ETH). Morgan, known for his insights into the legal landscape surrounding Ripple and its native cryptocurrency, questioned the underlying factors contributing to this concerning trend. Morgan highlights a peculiar pattern in the cryptocurrency’s price dynamics, noting that while it tends to move in tandem with the broader market, it has consistently experienced a gradual decline in value against BTC and ETH over the past five years. The statistics provided by Morgan are alarming, showing an 84.85% decline against BTC and a staggering 91.58% drop against Ethereum during the same period.
Initially, Morgan considered the possibility that the protracted legal battle against Ripple could be the primary driver behind the declining value of the cryptocurrency. However, he now questions this hypothesis, pointing to a series of positive developments for the coin in the latter half of 2023, which failed to produce a sustained reversal of the downward trend.
Morgan observed:
Despite a slew of favorable decisions and legal clarity for XRP post the 2023 judgment, we witnessed only a short-lived reversal in the XRP price decline against BTC and Ethereum. The subsequent six months saw a substantial fall in XRP’s value against these assets.
A Fleeting Impact On XRP
The attorney dismisses the notion that the ongoing lawsuit against Ripple is the main cause of the cryptocurrency’s struggles. He is equally confident that factors such as the escrow or release of coins from escrow do not bear responsibility for the digital asset’s extended decline. This leaves Morgan and the cryptocurrency community pondering the ultimate question: What is the main cause behind XRP’s long-term depreciation against BTC and ETH?
Morgan’s inquiry has sparked a flurry of discussions within the crypto space, with experts and enthusiasts speculating on potential explanations. Some suggest that XRP’s use case and utility may be trailing behind that of Bitcoin and Ethereum, contributing to its diminishing comparative value. Others ponder macroeconomic factors, market sentiment, or technological challenges that may be hindering the cryptocurrency’s performance. The question of XRP’s sustained decline against BTC and ETH remains an enigma, challenging the conventional wisdom of market behavior.