Legal clarity for XRP may help it to hit $3.2 this year, says Attorney Bill Morgan
Crypto Whales around the XRP coin showed sudden attention increments, as the new factors supported bull sentiments around this crypto token.
XRP is a Proof-of-Stake (PoS) crypto token, backed by the San Francisco headquartered fintech firm Ripple Labs. XRP token works independently from Ripple’s influence but Ripple uses XRP for its cross-border payment services without influencing the trade price of XRP token.
The current trade price of XRP coin is $0.623 & this trade price is 2.3% down over the last 7 days. The trade price of this cryptocurrency recovered steadily in the last 4 days perfectly.
Attorney Bill Morgan outlined multiple factors around the XRP crypto token to support the bull sentiments around this crypto token.
The main factor at which Morgan’s insight dragged attention was XRP’s legal status. According to Morgan, XRP is currently the one and only Cryptocurrency which has clear legal status, after Bitcoin.
This legal clarity allows XRP to remain available on all the American crypto exchanges with full confidence. There are huge chances that XRP may even surpass its last all-time high of $3.4.
Morgan believes that despite the delay of Ripple vs SEC resolution, the trade price of XRP coin has enough potential to show a big rally.
Furthermore, Morgan pointed out that there are enough chances that resolution may bring some positive outcomes for the XRP token, as already Ripple is in a better position in this case, otherwise it will not impact this PoS Cryptocurrency.
Ripple Vs SEC
In Dec 2020, the US SEC filed a suit against Ripple over the sale of $1.3 Billion worth of XRP token sell. The SEC body alleged that the sale of XRP tokens was subject to a violation of the Securities Act.
After a long battle, In the middle of 2023, the court judge ruled that XRP was not a security token and with that court ruling Ripple secured partial victory in this case.
In the present time, the SEC lawyers are trying their best to object against some other business activities of Ripple.
Read also: Coinbase & Grayscale meet with American securities regulatory body for ETH spot ETF
