A crypto analyst has recognized the explanation behind the XRP value battle to succeed in $100. Contrary to what most buyers would assume, the analyst argues that XRP price struggles aren’t significantly as a consequence of Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC). Rather, he believes that it’s a results of an acquired negative perception about XRP amongst buyers and the broader crypto group.
The Truth Behind XRP Price Stagnation
Earlier this month, Levi Rietveld, a preferred crypto analyst took to X (previously Twitter) to discuss the underlying purpose why XRP’s price has remained stagnant and why it continues to fall wanting reaching the elusive $100 milestone.
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While many could possible attribute XRP’s price woes to its over three years lengthy authorized battle with the SEC, Rietveld provides a distinct perspective. He means that XRP’s struggles and lack of widespread global adoption is basically pushed by the spread of misinformation, which has been severely damaging and undermining the cryptocurrency and the broader trade.
The analyst singled out a well-known monetary skilled, Raoul Pal, accusing him of spreading hate in the direction of the XRP community and criticizing him for his unfavorable commentary about XRP. Rietveld emphasised that Pal is a extremely revered and influential determine within the crypto group, as such his phrases can considerably affect or alter the notion of buyers.
Additionally, the analyst revealed that Pal has repeatedly urged XRP investors to desert the cryptocurrency and put money into what he views as superior options, similar to Ethereum (ETH) and Solana (SOL).
Shedding mild on the present market habits and value dynamics of XRP, Ethereum, and Solana, Rietveld underscored XRP’s strong fundamentals, highlighting that the cryptocurrency has vastly outperformed quite a few cash, together with SOL. Over the final seven days, XRP’s price has elevated by roughly 6%, whereas Solana is down 0.2% in the identical interval.
The analyst additionally refuted Pal’s assertion that investing in XRP quantities to being part of a cult, arguing as an alternative that it displays a real perception within the technological innovation of this pioneer cryptocurrency. Rietveld additionally highlighted feedback Pal made throughout one among his many YouTube movies, the place he described XRP as a relic from previous bull cycles.
Addressing Pal’s claims, Rietveld disclosed that regardless of the authorized challenges from the Ripple-SEC dispute, XRP has demonstrated remarkable resilience. He famous that the cryptocurrency has additionally performed a vital position in offering effectively wanted legal clarity for different cryptocurrencies following its classification as a non-security by the court docket.
Can XRP Hit $100 If Market Sentiment Improves?
During his put up, Rietveld praised XRP for its technological prowess, highlighting that the cryptocurrency was basically far superior to 99.9% of all cryptocurrencies available in the market. He recommended that XRP’s value may probably hit the coveted $100 mark if the unfavorable sentiment surrounding the cryptocurrency dissipates.
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To fight this, Rietveld has proposed that XRP supporters ought to continuously handle criticisms of the coin with concrete details that reveal XRP’s worth available in the market. Additionally, he urged buyers to face in opposition to dangerous actors who unfold misinformation and communicate ignorantly about XRP.
Featured picture created with Dall.E, chart from Tradingview.com
