XRP, the token associated with Ripple, has struggled to maintain its position above the key $0.60 price level. Despite an overall bullish sentiment in the broader cryptocurrency market, XRP is displaying signs of weakness. In contrast, Bitcoin managed to climb past the $64,000 mark earlier today, increasing its value by 1.5% in the last 24 hours. Major altcoins have also experienced gains, with Ethereum (ETH) leading the way by adding 3.2% to its price.

XRP Lags Behind Top Cryptocurrencies

Over the past 24 hours, XRP  has dropped nearly 1%, ranking it among the worst performers in the top 100 cryptocurrencies. Only a few tokens, such as Bonk (BONK), BitTorrent (BTT), and some lesser-known coins, posted more disappointing results. Cryptocurrency analyst Bill Morgan believes XRP’s failure to break and hold above the $0.60 level is significant in the short term. 

Related article: XRP Chart Signals Major Movement: Will It Break $0.60?

He pointed out that falling below this level could soon push the token below its 20-day Exponential Moving Average (EMA), which has served as a strong point of resistance. Morgan’s comments aim to counterbalance the hype surrounding XRP, particularly following Ripple’s legal victory against the SEC earlier this year. 

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Despite ongoing speculation within the XRP community about the token reaching new all-time highs, analysts remain cautious.

Ripple CTO Dismisses Price Manipulation Claims

David Schwartz, Ripple’s CTO, has made it clear that he doesn’t know what factors are currently influencing XRP’s price movements. Last month, he admitted he had no explanation for the recent price action. 

Related article: XRP Poised to Hit $0.60: Is a Breakout Imminent?

Schwartz also addressed and dismissed rumors of price manipulation, stating that if he had the ability to influence the price, he would push it higher, as he holds XRP himself.

XRP’s struggle to break above $0.60 signals potential short-term weakness. However, the token remains a subject of heated debate and speculation in the crypto community.