Key Highlights
- Pro-XRP lawyer Bill Morgan believes the days of buying XRP for under $0.60 are over
- The XRP price is expected to surge to a new all-time high (above $3.84) if the US Federal Reserve cuts interest rates
- A large wallet transfer of over 18.7 million XRP, worth about $55.86 million, was recently moved to Ripple, sparking speculation of a potential sell-off.
- Despite losing almost 3% of its value in the last 24 hours, XRP is trading around $2.96 as of the time of the report
Bill Morgan’s Bullish Outlook for XRP
Crypto lawyer and strong XRP proponent Bill Morgan recently stirred up the community with a notably bullish prediction, suggesting that the days of buying XRP for under $0.60 are permanently over.
He made this point in response to a community member who was reflecting on things that would never be seen again, like Satoshi Nakamoto or the very first blocks of the XRP Ledger. Morgan added a third item to that list: XRP at $0.60.
Morgan’s statement isn’t without foundation. He highlighted the token’s significant growth over the last year. On October 7, 2024, the price of XRP was around $0.5335. Now, a year later, the article notes the price is “way beyond the margin of $2,” currently listed at $2.96. This dramatic increase, by his account, means anyone who didn’t buy in when it was cheap missed a major opportunity.
This positive stance isn’t new for Morgan. He’s consistently called out community members for not stacking up on XRP when the price was low, and he previously made a specific, optimistic prediction that the token could jump to over $3.50 within a year.
Key Factors That Could Drive XRP to a New All-Time High
The report highlights two major external economic factors that could combine with increasing institutional adoption to potentially send XRP’s price soaring, possibly even past its historic peak.
1. Federal Reserve Rate Cuts
Global economic factors, particularly decisions by the US Federal Reserve (Fed), are expected to significantly influence the crypto market. The Fed is anticipated to continue its strategy of cutting lending interest rates, with the report mentioning a potential 25 basis point (bps) cut expected in October. This would be the second cut of the year.
The general sentiment is that lower interest rates make holding cash less appealing and often lead investors to seek higher returns in riskier assets, including cryptocurrencies like XRP. The Fed is projected to make a total of three rate cuts before the year ends, a series of moves that could be a major catalyst for price surges in the digital asset space.
2. XRP Exchange-Traded Fund (ETF) Approval
The second major factor is the potential approval of an XRP Exchange-Traded Fund (ETF) in the US. An ETF would make it easier and more familiar for mainstream institutional and retail investors to gain exposure to XRP without directly owning or managing the token themselves.
Bill Morgan had previously indicated that an XRP ETF approval was on its way, though the process could face delays, possibly due to events like a potential government shutdown. Despite any potential setbacks, the XRP community remains highly optimistic. The approval of an ETF is widely viewed as a definitive event that would flood the market with new capital, significantly boosting the price and potentially helping the token reach a new All-Time High (ATH).
XRP’s current ATH is $3.84, a value it achieved back on January 4, 2018. The community is looking to these financial and regulatory developments to finally smash that six-year-old record.
A Large Wallet Transfer to Ripple
Adding to the recent market activity is a massive transaction tracked by Whale Alert. A significant amount of XRP was moved from a private wallet directly to the company, Ripple.
The transfer involved 18,744,800 XRP, which was valued at approximately $55.86 million at the time of the transaction.
Large transfers of this nature, especially to an entity like Ripple, often trigger speculation in the market. In this case, the movement, combined with the fact that XRP’s price had lost nearly 2.96% in the preceding 24 hours, has fueled anticipation of a potential sell-off.
Despite this volatility, the current price is holding steady around the $2.96 mark, with estimates suggesting the price may hover near this value for the next 30 days.
The overall narrative is one of strong market momentum, bullish long-term predictions from key figures like Bill Morgan, and crucial external factors—rate cuts and ETF approval—that could converge to deliver a record-breaking year for the Ripple token
