8 September 2024
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.
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.
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.