Popular crypto influencer and outspoken XRP critic Crypto Bitlord just set the cryptoverse ablaze by asking a simple question.
In a viral tweet, Bitlord asked his following of 127,000 people on Twitter why Ripple’s native token has not yet staged as big bull rally this year.
Can someone explain to me why $XRP hasn’t pumped yet??
— Crypto Bitlord ? (@Crypto_Bitlord) September 10, 2020
XRP is currently trading at $0.24 at time of writing and it is up about 25% year-to-date according to the latest data from CoinMarketCap. Meanwhile, Ethereum (ETH) has gained nearly 170%, and Bitcoin (BTC) has climbed over 43% over the same stretch.
One of the top replies to Crypto Bitlord’s suggests that the relatively flat price action stems from the fact that the co-founder of Ripple, Jed McCaleb, has been selling large amounts of XRP every month.
According to a recent report from Whale Alert, McCaleb is unloading 1.74 million XRP per day in alignment with the updated settlement which was signed and sealed in February 2016 between the payment startup and the former Ripple executive.
A number of XRP enthusiasts shared their two cents on the fourth-largest cryptocurrency’s stagnant price movement. One crypto investor and miner says traders should look to the bull market of 2017 for clues.
“In the past, XRP pumped when BTC was near its all-time high. My guess is XRP will pump when we get close to $20,000 BTC.”
Another user mentions a few fundamental factors he believes are holding XRP back.
“A few potential reasons:
1. Lack of regulatory clarity.
2. Devs don’t want to build on the XRPL since it unfairly benefits Ripple. Instead, they all flock to ETH.
3. Price suppression.
4. It’s a “bankers coin,” so from an ideological perspective, people don’t want it.”
Contesting these opinions, one user highlights the fact the XRP’s market capitalization has actually monumentally grown in the last few years.
“Not sure what you mean. You do realize XRP was worth nothing back in 2017 and is now worth $11 billion three years later. I would call that more than a pump… that’s significant growth. [The] 2017 rally was nonsense based on nothing but fear of missing out.”
Ripple’s own chief technology officer, David Schwartz, commented on the price of XRP in July. He says he’s a believer in the crowd-based wisdom of the markets, and the current value of XRP is a legitimate representation of its price.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/andrey_l
