The recent approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States has sparked optimism for similar products for other digital assets like XRP, Solana, and Dogecoin. The XRP community remains hopeful about a potential victory in the Ripple vs SEC lawsuit, especially following the recent settlement deal with Do Kwon and Terraform Labs.

However, XRP's position in the crypto market has weakened as competing blockchain projects gain traction in favorable regulatory environments. Before facing charges of selling unregistered securities from the US SEC, XRP ranked among the top three most valuable cryptocurrencies.

Currently, XRP has slipped to the seventh position with a market capitalization of approximately $29 billion and a daily traded volume of around $1.1 billion.

Bill Morgan's Perspective on XRP Performance

Bill Morgan, a well-known Ripple supporter, highlighted that XRP's performance has been lackluster despite legal clarifications over the past year. Notably, a US judge's ruling stated that XRP sales on exchanges do not constitute a binding agreement and, therefore, do not qualify as security assets.

However, there are concerns that Ripple may have violated securities laws through its dealings with institutional investors. Talks about settling with the SEC have emerged, with a proposed $2 billion fine looming over the company.

Morgan's analysis suggests that XRP has been outperformed by 88 of the top 100 cryptocurrencies in the last year alone. The XRP price against Bitcoin has plummeted by almost 84% in the last six months.

Midterm Projections

Despite the recent price decline, XRP's value is currently consolidating near the macro apex of a triangular pattern, indicating a potential bullish breakout on the horizon. To initiate a bullish trend, the XRP price against the US dollar needs to reclaim the 200-weekly moving average (MA) and establish it as a support level.

From a technical perspective, XRP's price target is set at 61 cents, aligned with the daily 1.618 Fibonacci Extension, provided that buyers defend the support level above 50 cents.