- Bill Morgan, a digital asset enthusiast, thinks more users need to buy XRP.
- Less than 221 separate users now hold about 30% of the entire XRP circulating supply.
- The lawyer asserts there is a correlation between XRP and Bitcoin from a long-term perspective.
Bill Morgan, lawyer and digital asset enthusiast, thinks more users need to buy XRP. According to Morgan, figures show only 221 accounts, which may represent less than 221 separate users, now hold about 30% of the entire XRP circulating supply. He stated this in response to an XRP price behavior analysis presented by an XRP YouTuber identified as Moon Lambo on Twitter.
Those other ownership figures show 221 accounts which may represent less than 221 seperate holders now hold about 30% of the entire circulating supply. @XRP_Productions should sell some. https://t.co/PAG7YaOdqu— bill morgan (@Belisarius2020) August 20, 2023
Lambo analyzed the price movement of XRP in relation to Bitcoin and said that human behavior affects it. He contradicts those who link every significant drop in the XRP price to the fundamental factors behind the crypto project.
According to Lambo, a long-term perspective of XRP compared to Bitcoin reveals an incredible correlation between the pair. Lambo notes that XRP and Bitcoin’s behaviors vary, but short-term price comparison is insignificant.
Using a recent example, Lambo showed from Santiment’s data that when XRP’s price rallied 4%, Bitcoin’s price was flat. He further explained that sometimes Bitcoin drops more than XRP during market crashes and vice versa, and that it cannot be used to judge the long-term future of the two cryptos.
From Lambo’s perspective, the recent drop in XRP price a few days ago is a product of human behavior. It has nothing to do with the fundamental factors surrounding the cryptocurrency. According to him, the drop indicated nothing about the long-term viability of XRP. He further explained that it did not suggest that there was something wrong with XRP or that XRP would never again have days where it would outperform Bitcoin.
XRP traded for $0.52 at the time of writing, reflecting a 1.31% loss in the past 24 hours. Bitcoin has increased 0.22% during the same period to trade at $26,032.
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