Ripple CEO Criticizes Market Logic for Lack of XRP Price Surge
Key Points
– Ripple CEO expresses frustration over XRP’s undervaluation in the crypto market despite regulatory clarity in the US.
– Analysts predict XRP could reach $1000 as its utility in payments is recognized.
– Ripple’s recent legal victory caused a brief surge in XRP’s price to $0.93 before dropping back down.
– What does the future hold for this controversial cryptocurrency? Experts weigh in.
Ripple CEO Brad Garlinghouse is feeling frustrated by the lackluster performance of XRP in the cryptocurrency market. Despite receiving regulatory approval in the United States, XRP’s value remains stagnant at below $0.5, leading some to dub it a “dead coin.”
Garlinghouse’s disappointment stems from XRP’s inability to capitalize on the current bullish market. Speaking at the XRP Ledger Apex conference, he emphasized the unique regulatory position of XRP as a cryptocurrency that has been definitively deemed not a security in the US.
Following a court ruling in July 2023, XRP experienced a brief surge in price, reaching $0.93, a 100% increase within 24 hours. However, this spike was short-lived, and XRP’s value has since declined from its peak.
Despite being relisted on major US exchanges such as Coinbase, Gemini, Crypto.com, and Kraken, as well as being reinstated in Grayscale’s investment products, XRP has seen a 50% drop in value. Garlinghouse expressed surprise at the market’s lack of recognition for XRP’s regulatory clarity, especially when compared to the regulatory uncertainties facing Ethereum (ETH).
Looking towards the future, pro-XRP commentator BarriC remains optimistic about XRP’s potential. He believes that the current underperformance is temporary and predicts that once XRP surpasses the $1 mark it lost three years ago, the community’s reaction will be subdued. BarriC anticipates that true FOMO won’t set in until XRP nears $5.
BarriC envisions a scenario where at $10, XRP will start attracting significant attention, with its utility in payments and real-world asset (RWA) tokenization becoming more apparent. If XRP reaches $100, BarriC speculates that it will be seen as essential in the crypto community, with individuals even saving up to purchase one XRP at that price.
The future of XRP remains uncertain, with experts offering differing perspectives on its potential trajectory. The next chapter in XRP’s journey is yet to unfold.