XRP pro-lawyer Bill Morgan recently assessed the impact of Ripple’s actions on the altcoin’s market performance.
Bill Morgan stated that Ripple’s decision not to burn XRP escrows did not have a significant impact on cryptocurrency prices compared to Stellar burning XLM tokens. Also, Stellar Ripple He emphasized that although he is not facing such a lawsuit, the price movements of XRP and XLM remain similar. Morgan suggested that these market behaviors are most likely due to external factors independent of the internal actions of either blockchain. In particular, he noted that Ripple’s escrow decisions and legal issues have not had a significant impact on market dynamics.
Morgan’s comments were in response to the observations of a user who questioned the price symmetry between XRP and Stellar (XLM) since 2014. The user was wondering why this pattern was formed and whether the two cryptocurrencies would jump together in the next bull run.
Meanwhile, in response to Morgan’s post, another user suggested that these market behaviors are driven by investor psychology. However, Morgan disagreed with this view and stated that the psychological impact of the case on the XRP community was deep but short-lived. In this context, Morgan used the following statements:
“The effects of the lawsuit itself and the lawsuit news (good or bad) were generally short-term, within days or weeks, and did not significantly change the symmetry shown in the chart over the long term.”
XRP Price and Broader Market Dynamics
Morgan’s analysis suggests that XRP and XLM’s price movements are influenced by broader market factors rather than specific actions by Ripple or Stellar. This perspective challenges the notion that major events such as the Ripple lawsuit or the escrow burning have long-term effects on the price symmetry between these two digital assets.
The lawsuit in question was initiated by the SEC and alleges that Ripple conducted unregistered securities offerings through XRP. Despite the legal struggle, Ripple continued its activities and the market’s reaction to the case remained relatively muted in the long run. Similarly, Ripple’s decision not to burn XRP escrows did not result in significant price deviations compared to Stellar’s XLM burn.
Meanwhile, at the time of writing, the XRP price was down about 2% at $0.5306 and has recouped some of its losses in the last hour. In the last 24 hours, the cryptocurrency fluctuated between $0.5397 and $0.5238.
