Amid the volatile landscape of cryptocurrency markets, Australian lawyer Bill Morgan has x.com/Belisarius2020/status/1779479161213776233″ target=”_blank” rel=”noopener nofollow”>voiced concerns about XRP's action against notable crypto assets like btc, noting an extreme decline in performance over time.
XRP versus bitcoin plummeted on every time frame
Bill MorganThe report sheds light on how . His observations offer a sobering reminder of the token's difficulties within this time period.
This worrying indication is a wake-up call for stakeholders, urging them to re-evaluate their investment strategy in light of changing market dynamics as XRP struggles to stay afloat against the leading cryptocurrency. morgan x.com/Belisarius2020/status/1779288510262087710″ target=”_blank” rel=”noopener nofollow”>previously warned the crypto community that whatever timeline they choose to begin with, the crypto asset has underperformed btc.
The lawyer's post came in response to a pseudonymous x user who claimed that since the clarity of the summary judgment, particularly 9 months ago, XRP has witnessed a decline of over 76% compared to btc. Specifically, the clarity summary judgment in July of last year determined the nature of the digital asset.
The United States Securities and Exchange Commission (SEC) accused Ripple Labs of selling XRP as an unregistered security, thus laying claim to the currency. in itself it is a security. However, Judge Torres Analisa ruled against the Commission, saying that the cryptocurrency does not constitute a guarantee nature but a digital token. With the verdict, XRP officially became one of the cryptocurrency assets that have been fully regulated and tested.
While the x user believes the development could have negatively impacted its price compared to btc, Morgan does not support the idea. He stated that this does not imply that legal clarity is the reason for the drop nor that it is not crucial for the token or any other cryptocurrency on the market.
The couple headed to Antarctica
Morgan is not the only cryptocurrency enthusiast who recently shed light on the pair. Peter Brandt, a well-known market analyst, also weighed in on the topic and highlighted that the XRP/btc pair is heading to Antarctica, sparking speculation among investors about what this meant.
There are several different ways one could read Peter Brandt's unexpected and cryptic phrase. It may suggest a cold and pessimistic outlook for the asset versus the btc chart, indicating that prices may fall to record lows similar to the icy conditions of Antarctica.
However, it could also involve venturing into new territories and delving into depths never before witnessed by the cryptocurrency industry. Given the recent performance, it could be considered that Brandt's phrase was reflecting the negative aspect of the couple.
Featured image from Shutterstock, chart from Tradingview.com
