Bitcoin maximalists and critics of XRP have raised concerns about the cryptocurrency’s recent meteoric rise, predicting that it could culminate in a catastrophic collapse, with some labeling it the “mother of all rugpulls.”
Skepticism from Bitcoin Advocates
XRP has surged significantly in recent months, recording a 283% increase in November and an additional 31% within the first three days of December. This impressive rally, however, has drawn criticism from Bitcoin proponents, who view it as unsustainable.
A prominent Bitcoin advocate, known as “BitMan,” shared his doubts by highlighting XRP’s overall price history. According to BitMan, the cryptocurrency has achieved a remarkable 45,920% gain since its inception, with its recent performance suggesting an unnatural trajectory. He warned that XRP’s ongoing rally could end disastrously.
Similarly, Rajat Soni, a Chartered Financial Analyst and Bitcoin maximalist, voiced skepticism over XRP’s price movements. In a post on X, Soni questioned how XRP could rise by 435% since November 2, given that it had only increased by 11% over the preceding five years. He described this pattern as irregular and suggested it might indicate a pump-and-dump scheme.
Soni’s comments drew mixed reactions. A market analyst and cryptocurrency commentator known as “Kaptain Kirk” countered these claims, attributing XRP’s recent growth to a market correction following prolonged price suppression caused by the SEC lawsuit. According to Kirk, XRP’s rise represents its return to fair market value rather than manipulation.
XRP Outperforms Bitcoin
XRP’s performance relative to Bitcoin has been another focal point of criticism. The XRP/BTC trading pair saw a 179.14% increase in November, followed by a further 32% rise in December. By December 3, it had reached 0.00002704 BTC, marking an 18-month high.
This outperformance has further fueled skepticism from Bitcoin maximalists, who argue that XRP’s gains stem from speculative trading rather than fundamental value. Critics contend that such volatility undermines XRP’s legitimacy as a stable investment.
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However, proponents of XRP have pushed back, highlighting its resilience and historical standing within the cryptocurrency market.
Tony Edward, host of the Thinking Crypto podcast, emphasized that XRP has remained among the top 10 cryptocurrencies for years, even amid market fluctuations. Edward dismissed concerns about a potential rug pull, pointing out that Bitcoin undergoes significant price corrections during bear markets.
Edward also accused Bitcoin maximalists of bias, suggesting they struggle to accept when altcoins outperform Bitcoin. He argued that XRP’s rally reflects increasing confidence in the token, particularly as expectations grow for a more crypto-friendly regulatory environment under the Trump administration.
Diverging Opinions on XRP’s Future
The debate surrounding XRP’s recent surge highlights the contrasting perspectives within the cryptocurrency community. Supporters view the rally as a long-overdue correction following years of legal challenges and market suppression, while critics caution that the rapid rise may signal instability.
As XRP continues to gain traction, its supporters remain optimistic about its prospects, pointing to its strong market performance and increasing institutional interest. Meanwhile, detractors, particularly Bitcoin maximalists, remain wary, predicting a sharp downturn that could result in significant losses.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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