XRP Price To $100: Why Has It Not Hit This Price Yet?
08 September 2024 - 10:00AM
NEWSBTC
A crypto analyst has identified the reason behind the XRP price
struggle to reach $100. Contrary to what most investors would
think, the analyst argues that XRP price struggles are not
particularly due to Ripple’s ongoing legal battle with the United
States Securities and Exchange Commission (SEC). Rather, he
believes that it is a result of an acquired negative perception
about XRP amongst investors and the broader crypto community.
The Truth Behind XRP Price Stagnation Earlier this month, Levi
Rietveld, a popular crypto analyst took to X (formerly Twitter) to
discuss the underlying reason why XRP’s price has remained stagnant
and why it continues to fall short of reaching the elusive $100
milestone. Related Reading: Here’s Why Bitcoin Price Crashed
Below $54,000 While many may likely attribute XRP’s price woes to
its over three years long legal battle with the SEC, Rietveld
offers a different perspective. He suggests that XRP’s struggles
and lack of widespread global adoption is largely driven by the
spread of misinformation, which has been severely damaging and
undermining the cryptocurrency and the broader industry. The
analyst singled out a well known financial expert, Raoul Pal,
accusing him of spreading hate towards the XRP community and
criticizing him for his negative commentary about XRP. Rietveld
emphasized that Pal is a highly respected and influential figure in
the crypto community, as such his words can significantly impact or
alter the perception of investors. Additionally, the analyst
revealed that Pal has repeatedly urged XRP investors to abandon the
cryptocurrency and invest in what he views as superior
alternatives, such as Ethereum (ETH) and Solana (SOL).
Shedding light on the current market behavior and price dynamics of
XRP, Ethereum, and Solana, Rietveld underscored XRP’s strong
fundamentals, highlighting that the cryptocurrency has vastly
outperformed numerous coins, including SOL. Over the last
seven days, XRP’s price has increased by roughly 6%, while Solana
is down 0.2% in the same period. The analyst also refuted
Pal’s assertion that investing in XRP amounts to being a part of a
cult, arguing instead that it reflects a genuine belief in the
technological innovation of this pioneer cryptocurrency. Rietveld
also highlighted comments Pal made during one of his many YouTube
videos, where he described XRP as a relic from past bull cycles.
Addressing Pal’s claims, Rietveld disclosed that despite the legal
challenges from the Ripple-SEC dispute, XRP has demonstrated
remarkable resilience. He noted that the cryptocurrency has also
played a crucial role in providing well needed legal clarity for
other cryptocurrencies following its classification as a
non-security by the court. Can XRP Hit $100 If Market Sentiment
Improves? During his post, Rietveld praised XRP for its
technological prowess, highlighting that the cryptocurrency was
fundamentally far superior to 99.9% of all cryptocurrencies in the
market. He suggested that XRP’s price could potentially hit the
coveted $100 mark if the negative sentiment surrounding the
cryptocurrency dissipates. Related Reading: Bitcoin Fear
& Greed Index Falls To Extreme Fear, Is The Bottom Close? To
combat this, Rietveld has proposed that XRP supporters should
constantly address criticisms of the coin with concrete facts that
demonstrate XRP’s value in the market. Additionally, he urged
investors to stand against bad actors who spread misinformation and
speak ignorantly about XRP. Featured image created with
Dall.E, chart from Tradingview.com
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