XRP continues to face significant challenges, which stands in stark contrast to the performance of the broader cryptocurrency market, according to statements from pro-XRP lawyer Bill Morgan. Despite the discouraging decline in crypto assets relative to Bitcoin (BTC) and 88% of the top 100 cryptocurrencies, Morgan maintains a bullish outlook on the asset.

IN post in Morgan noted: “Last month, some told us that the price of XRP had reversed and started falling relative to the price of BTC. This did not happen, and the decline over the last 6 months was almost -84%.

This decline has made XRP one of the weakest cryptocurrencies, outperformed by 88% of the top 100 coins in terms of market performance. Morgan shared critical data to highlight the seriousness of the situation, citing that the XRP to BTC exchange rate is 0.000007383 BTC, reflecting a dramatic decline of -83.93% over the past six months.

Additionally, he noted that the cryptocurrency is trading below its 200-day uncomplicated moving average, which is a typical indicator of long-term market trends. Despite these dismal indicators, Morgan remains undeterred.

When asked about his unwavering faith in XRP, Morgan responded metaphorically, likening his faith in the digital currency to a nearly completed bridge that “will not be able to carry traffic until it is fully built.” This statement suggests his view that the digital asset’s potential will only be fully realized once the XRP ledger is fully developed and the ongoing legal battle with the US Securities and Exchange Commission (SEC) is fully resolved.

The price of XRP may rise to $0.75 in July

One cryptocurrency analyst who continues to be extremely bullish on XRP is Egrag Crypto. In his latest analysis on X indicated that the monthly candle formation is showing a highly promising pattern, indicating a significant price raise in the near future.

Egrag noted that the previous month’s candle showed a 75% inverted hammer formation at its base. In technical analysis, this pattern is considered a mighty bullish signal, suggesting that sellers are exhausted and buyers are gaining strength, paving the way for a potential upward price movement. Egrag’s analysis highlights this pattern as a key indicator that XRP is poised for significant price growth.

Based on the bullish candlestick pattern, the analyst predicts that the cryptocurrency could soon reach the $0.75 level, with the key month being July 2024. He confidently states that the formation of this pattern “is an amazing sign that $0.75 will be there in the blink of an eye and July 2024 will be the month of fireworks!”

Addressing the community, Egrag encouraged patience and optimism, using the metaphor of “THOR’S HAMMER” smashing through all resistance to describe the anticipated market movement. At press time, XRP was trading at $0.5286, down 0.65% in the last 24 hours.

Featured image created with DALL·E, chart from TradingView.com