Amid the bullish crypto market, XRP price dropping below $0.60 has attracted attention.

Surprisingly, $XRP did not accompany the cryptocurrency surge that began with the US Federal Reserve cutting interest rates after four years. Ripple’s XRP coin, which has been fighting a multi-year legal battle with the SEC, is considered one of the “worst performing” cryptocurrencies.

While XRP is up just 3 percent over the past week, it has lost 4.22 percent since the start of 2024. Crypto analyst Bill Morgan has made notable comments about XRP.

According to analyst Bill Morgan, the $0.60 level is of great importance for XRP. Commenting on the price level in question, the analyst said:

“The failure to break $0.60 means that the price could soon drop below the 20-day EMA (moving average). This level has become a strong resistance point.”

Emphasizing that XRP’s outlook is weak, Morgan also addressed speculation that has become the focus of discussions. Many community members are speculating that XRP’s price will surge to triple digits following the SEC’s victory.

Morgan, who has warned investors against such speculations, argued that it is worth watching to see if the $0.60 resistance level is broken.

David Schwartz, one of Ripple’s executives, claimed that he did not know what factors were driving the price of XRP. Schwartz, who has denied allegations of price manipulation, said he is also an XRP investor and would be bullish if he could.

XRP has lost 1.55 percent over the past 24 hours, according to CoinGecko data. The popular alternative coin has a market cap of $33.143 billion.