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Cryptocurrency News Articles
XRP Underwhelms While Competitors Outperform, Can Ripple Reassure Holders?
Nov 13, 2024 at 03:00 am
The cryptocurrency market has entered a long-anticipated bull run, or in other words, prices are rising across the market. Bitcoin rewrote history again, crossing $89,000, and many other assets like Solana have leapfrogged major competitors.
The cryptocurrency market is experiencing a bull run, with prices rising across the board. Bitcoin has crossed the $89,000 threshold, and other assets like Solana have surged past major competitors.
However, Ripple Labs' XRP has underperformed in this rally. While XRP has risen by 17%, it marks one of the smallest upswings among the top coins. This has sparked discontent among XRP holders, especially considering the company's legal troubles.
Competitors Outpace XRP as Investors Grow Restless
Solana continues to eat up market share, while XRP slows down. Solana's price rise has outpaced Binance Coin (BNB), surging past $212 for a 35% weekly gain.
According to CoinGecko, Solana's circulating market valuation now stands at around $99.8 billion, ranking it higher than BNB in market capitalization.
Despite this, XRP's growth has been relatively minimal. A 17% increase has brought XRP to $0.69, still far below its all-time high (ATH) reached in 2021. The asset currently sits at seventh place on the crypto ranking list, with rivals like Dogecoin moving ahead.
For example, Cardano (ADA) has skyrocketed nearly 88% in a single week, a kind of velocity that XRP has been unable to achieve.
Ripple's Strategy and Market Sentiment Come Under Scrutiny
This underwhelming performance has soured investor sentiment around Ripple and XRP. Several disgruntled XRP holders have taken to social media to air their frustrations directly with Ripple executives, where some users claim that Ripple fails to adequately promote XRP utilities.
One user's criticism was particularly pointed at Ripple's Chief Technology Officer, David Schwartz, who some XRP holders accuse of mishandling the asset. In a recent post on X (ex-Twitter), Schwartz addressed the complaints, highlighting that Ripple's agenda steers clear of short-term pump schemes.
However, Schwartz's stance didn't quell concerns, as some investors allege that Ripple's strategy of courting institutional partnerships hasn't yielded the hoped-for benefits for XRP holders.
Conceptually you have taken all the dividens for yourself David. Nobody has made a penny off $XRP from holding it for 7 years. It’s a waste of everyone’s time and money. And you sir are the key figure head of this complete shamble of a mess. And here you are making excuses.
Others argue that Ripple's ongoing legal battle with the SEC has hindered its ability to promote XRP, putting it at a disadvantage compared to assets like Bitcoin, which face fewer promotional limitations.
The SEC lawsuit continues to be a major hurdle for Ripple, affecting its ability to engage with the retail market. According to legal analysts, Ripple's efforts to avoid XRP being classified as a security have limited its capacity to market XRP directly to individual investors.
Why does XRP stay stuck at the bottom, even with its great potential? We've been rug-pulled in two bull runs, and it feels like the same déjà vu is playing out again. I just can’t make sense of it anymore… I’ve never had such a painful investment experience @JoelKatz
This promotional limitation has further impacted XRP's price potential, unlike Bitcoin, which faces no such restrictions. Legal expert Bill Morgan recently highlighted this disadvantage, noting that SEC restrictions create an uneven playing field, especially as Bitcoin's value surges amid the bull market.
Ripple's current legal constraints have led to a feeling of stagnation within the XRP community, where some holders feel the company's focus on institutions has neglected retail investors.
Investors Await Ripple's Response to XRP's Plight
Ripple is appealing the SEC ruling, aiming for greater regulatory clarity that could eventually lift some restrictions on promoting XRP. While Ripple's leadership has promised to create long-term value, XRP holders are skeptical about whether the company's strategy will benefit them.
As the crypto bull market charges forward, the widening performance gap between XRP and its competitors has left investors questioning if the token will ever fulfill its long-held promises.
Amid a historic market rally, Ripple's community is calling for the company to shift focus and rekindle XRP's place in the market as they seek more from Ripple.
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