Raoul Pal Warns Investors to Avoid Older Coins Like XRP and ADA, Controversy Grows

Raoul Pal's statements about avoiding older coins like #XRP & #ADA suggest a belief that these projects may have lost their

Prominent economist Raoul Pal recently shared his thoughts on the future of two major altcoins, Cardano (ADA) and Ripple’s XRP. During a Tuesday interview, Pal expressed concerns about the innovative edge of these digital assets, highlighting that they are losing ground to newer competitors in the crypto space.

“I just feel like you’re being done a disservice because you’re in a cult.”

Raoul Pal's statements about avoiding older coins like #XRP & #ADA suggest a belief that these projects may have lost their… pic.twitter.com/JwGGXs76Ai

— Good Morning Crypto (@AbsGMCrypto) August 20, 2024

Highlighting ADA and XRP in particular, the economist stated that these altcoins have failed to keep up with the times. According to Pal, the new projects coming into the crypto space are offering more innovative solutions compared to the older ones, which have become stagnant in their development. He urged investors to shift their focus away from these altcoins and instead pay attention to the newer projects that are pushing the boundaries of Web3 technology.

“Those old coins, I feel like they’re almost like a cult. And I feel like people are being done a disservice by continuing to hold those coins. I feel like they should be moving on to the next generation of Web3 projects.”

As ADA continues to face challenges, dropping out of the top ten cryptocurrencies by market cap, the asset is currently trading around $0.3533, with a market cap of $12.6 billion.

Controversy Grows Around Pal’s Warning on ADA and XRP

Adding to the recent commentary on ADA and XRP, as both assets continue to perform poorly in the current market, Raoul Pal’s recent comments have only contributed to the increasing doubts about the legitimacy of these altcoins.

Analyst Max Prime took a jab at XRP, labeling it as one of the biggest scams in the crypto space. However, due to Ripple’s recent legal victories, the price of XRP has not seen much increase, raising many questions about its future. Prime’s statements come as XRP’s future remains a contentious topic in the market.

“XRP is literally the biggest scam in crypto

THEY WIN THE LAWSUIT AGAINST THE SEC ( paid very small fine )

And XRP DOESN'T MOVE THESE XRP CLOWNS HAVE BEEN SAYINGITS TO THE MOON AFTER LAWSUIT AND GET NOTHING

HAHAHAHA SUCKERS” pic.twitter.com/LR6sWtKtf5

— Max Prime (@MatrixPrime_) August 17, 2024

Yassin Mobarak, the founder of Dizercapital, also shared similar sentiments. According to Mobarak, XRP is a cryptocurrency that investors should not ignore when the bulls come out to play. He agreed that there is “pain, boredom, and demoralization” in staying long on XRP, but he insists that the longer-term gains make it worth it.

“If you can't handle pain, boredom, and demoralization, then don't bother staying long XRP. But if you can suck it up for years and years, and I mean years, then good luck to you.𝘾𝙤𝙪𝙡𝙙 𝙗𝙚 𝙬𝙤𝙧𝙩𝙝 𝙞𝙩 𝙞𝙣 𝙩𝙝𝙚 𝙚𝙣𝙙.”

Mobarak also commented on ADA, stating that the upcoming Chang hard fork is crucial for the asset. According to him, if the community manages to pull off this hard fork successfully, then ADA could see a massive rally in the coming months. However, he warned that if the community fails to activate the hard fork, then ADA might continue to struggle in the market.

“Cardano community now preparing for the Chang hard fork on the 27th of August. This is critical for ADA. If the community pulls it off successfully, then ADA could rally massively. But if they fail to activate the hard fork, then ADA might continue to struggle.”

Cardano Community Anticipates the Upcoming Chang Hard Fork

As such criticism continues, the community of the Cardano token is looking forward to the Chang hard fork that is expected to be implemented on the 27th of August. This hard fork is expected to bring in a new community-driven governance model, something that has not been seen in the Cardano network.

Charles Hoskinson, the CEO of Cardano, has been generating anticipation for the event and even invited Ripple CEO Brad Garlinghouse to the conversation to respond to Raoul Pal’s statements.

“So @bgarlinghouse, when are we going to the Secret Cult meetings? I never got the memo from Raoul https://t.co/Q9NBEoBcfs”

— Charles Hoskinson (@IOHK_Charles) August 21, 2024

The final decision on the hard fork’s launch will be made by August 2