Despite underperforming against 90 out of the 100 largest cryptocurrencies by market capitalization in the past 24 hours, the situation for Ripple-affiliated XRP might not be as dire as it appears. Prominent trader Peter Brandt recently suggested that XRP's price could potentially drop to zero against Bitcoin. However, analyst Bill Morgan offers a different perspective, highlighting that recent figures are distorted by the significant rally following Ripple's partial legal victory against the U.S. Securities and Exchange Commission (SEC) last July.

While XRP's current price performance might seem disappointing, Morgan is more intrigued by the token's inability to maintain its momentum post-ruling.

"The better question is not why XRP price is underperforming other top 100 coins but why the post-summary judgment price rise impact was not sustained and almost entirely lost and why XRP is still trading at prices visited in 2018," Morgan shared on the social media platform X.

Short-Lived Price Rally

After U.S. District Judge Analisa Torres determined that XRP is considered a security only when sold to institutional buyers, XRP experienced a significant rally. The token surged to a 2023 peak of $0.94 on the Bitstamp exchange. However, this excitement was short-lived, as XRP has since dropped 57% from its post-ruling high.

Currently, XRP is trading at $0.49 on the Bitstamp exchange. For context, XRP reached approximately $0.71 in July 2018, even during a bear market for cryptocurrencies.

Ripple Not Suppressing XRP

Some community members have speculated that Ripple might be artificially suppressing XRP's price through its sales. Morgan, however, disputes this notion. He asserts that Ripple's on-demand liquidity (ODL) sales do not negatively impact the token's price. According to Morgan, Ripple does not offer discounts to ODL customers, ensuring that these sales have a neutral effect on the market price of XRP.

In conclusion, while XRP's recent price action might raise concerns, it's essential to consider the broader context and underlying factors. The token's underperformance could be viewed as part of a larger pattern influenced by past events and market dynamics, rather than a straightforward decline.