Bill Morgan Questions Why XRP Ledger and RLUSD Updates Haven't Pushed XRP Higher

XRP has been under the spotlight during this bear market, but its price remains a concern. After a strong start in August, XRP's momentum stalled and

Despite being in the spotlight during the bear market, XRP's price performance has left many traders scratching their heads. After a promising start in August, XRP's momentum fizzled out, leaving hopes dashed that the XRP Ledger and RLUSD for a lift. However, Bill Morgan, who has been closely following these developments, offered his perspective on why these factors haven't pushed XRP higher. Let's delve into his analysis!

Don't be surprised; the XRPL is decentralised, and the Ecosystem is broad, diffuse, and global. Many people's efforts over a long period of time and many external factors will impact the long-term price action of XRP. It is hardly a surprise that the attempt by the SEC…

In a recent X post, Bill Morgan expressed surprise that two major developments—the addition of smart contract capabilities to the XRP Ledger (XRPL) and the upcoming launch of Ripple's RLUSD stablecoin—hadn't sparked any significant price movement for XRP. Despite these major updates, the token's price remained largely stagnant, raising questions about the market's response to Ripple's progress.

In his analysis, Morgan also questioned whether investors holding XRP could realistically expect profits from Ripple's endeavors. Referring to the Howey Test, which determines whether an asset should be classified as a security, he cast doubt on whether an XRP investor, given the token's performance in recent years, could reasonably anticipate profits directly tied to Ripple's actions.

Moreover, Morgan posed a more pointed question: is it even rational for XRP investors to hold such expectations? Given the lack of price response to Ripple's innovations, he suggested that the market may no longer be hinging on Ripple's efforts to propel XRP's value.

An X User known as RippleMeThis responded to Morgan's observations, expressing frustration over XRP's stagnant price despite being invested in the asset for over two decades. He observed the lack of “organic price movement” in XRP compared to other assets, suggesting that the token's performance defies traditional market expectations.

However, both Morgan and RippleMeThis seem to agree that while XRP remains a unique asset with its market behavior, its future price growth might depend less on Ripple's immediate innovations and more on broader, long-term factors. Investors, particularly those holding XRP for years, may need to adjust their expectations and understand that Ripple's efforts alone may not be the catalyst for sudden price increases.

With a 2.6% price increase, XRP now trades around $0.563 as both parties await the next move in the Ripple vs SEC legal battle over XRP. Meanwhile, XRP's price has risen, but so has trading volume, which is up by 35%, indicating increased market interest.

According to expert analysis, XRP is at a key support level and faces strong resistance from the 200 EMA on a four-hour chart. If XRP closes above $0.577, it could potentially rise to $0.64 in the coming days.

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