According to crypto analysts, a rapid rise in XRP price could lead to a major disaster.
More and more Bitcoin experts and critics have turned against XRP, one of the most popular cryptocurrencies of recent times. Analysts have expressed concerns about XRP’s rapid rise. Describing XRP as the “start of all crashes,” analysts said investors should be cautious.
Skepticism for XRP
The popular altcoin XRP has gained significant momentum in recent months. While the price of XRP rose nearly 300 percent in November, the first three days of December saw a 31 percent gain. This increase drew criticism from more and more Bitcoin experts. In particular, analysts argued that the XRP price was unsustainable.
Bitcoin more known as BitMan, highlighting the historical price movements of XRP, expressed his doubts. According to BitMan, the popular altcoin has gained 45,920 percent since its launch. BitMan claimed that XRP’s performance over the past few months was unnatural and would lead to disaster.
Chartered Financial Analyst Rajat Soni had a similar view. Sony touched on the historical data in its post on the X. The analyst reminded that XRP has only increased by 11% in the last five years. According to the analyst, XRP’s 435 percent rise since November 2, which has been moving slowly over the past years, is a cause for concern. Sony believes that altcoin will go “up and then down”.
There were also those who criticized the “fall” theories of critics. The market analyst known as Captain Kirk blamed the recent escalation in the SEC case and the resignation of SEC Chairman Gary Gensler. According to Kirk, the price of XRP is rising under fair market conditions rather than manipulation.
XRP outperforms Bitcoin.
XRP, which was heavily criticized, performed positively against Bitcoin. The XRP/BTC trading pair recorded a 179.14% gain in November. The popular altcoin gained 32% against BTC in December. With Bitcoin reaching an 18-month peak in parity, the altcoin entered Bitcoin’s radar more and more.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.