Crypto market commentator Joshua Jake, host of the Discover Crypto channel, has ignited debate within the XRP community after suggesting that holders should sell their assets. Jake argues that XRP’s muted performance in the current bull run, compared to other major cryptocurrencies, indicates limited upside potential.
Jake’s recommendation is based on recent market trends. Utilizing CoinMarketCap data, he emphasizes the significant gains realized by market leaders over the last three months.
Bitcoin and Ethereum boast increases of 61% and 48% respectively, with Binance Coin (BNB) and Solana experiencing remarkable growth of over 70%. In contrast, XRP’s value decreased by 2.29% during this period.
Read Also: Making XRP a Reserve Currency: Experts Explain Role of 40 Billion XRP in Escrow
Jake contends that XRP’s price action is more akin to a stablecoin in a bullish market. He highlights that any investment in the digital asset carries opportunity costs, as investors potentially miss out on the growth offered by other digital assets.
While stressing that his perspective should not be considered official financial advice, he remains skeptical of widely-held beliefs that XRP could reach $10,000.
Sell your $XRP for these #Altcoins instead if you want to actually make money… pic.twitter.com/quyRNO030z
— Joshua Jake (@itzjoshuajake) March 25, 2024
Conflicting Opinions & Importance of Market Cycles
Vandell Aljarrah, Black Swan Capitalist co-founder, directly counters Jake’s assessment. Aljarrah advocates that XRP holders remain steadfast, advising against panic selling.
He believes the crypto market remains in the early stages of the current bull cycle, with the peak for altcoins still on the horizon and the Bitcoin halving event yet to occur. “We’re only getting started. Expect the peak between 2024 and 2025,” Aljarrah states, emphasizing the importance of understanding market cycles when making investment decisions.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Based on Historical Models, Analyst Says XRP Could Spike to $3.3 or $250. Here Are the Conditions
Edward Farina, Head of Social Adoption at XRP Healthcare, questions Jake’s analysis, suggesting a lack of in-depth understanding of the crypto asset’s potential and use cases. He wrote, “Cryptocurrencies aren’t inherently owned like stocks therefore market cap is subjective; Your video only shows you didn’t do enough research on $XRP.”
The debate surrounding XRP highlights the highly speculative nature of cryptocurrency markets. Investors must conduct thorough research and analyze short and long-term trends before allocating funds. Each individual must carefully consider their risk tolerance and investment goals, as all crypto assets carry varying degrees of volatility and uncertainty.
Follow us on Twitter, Facebook, Telegram, and Google News
