Jason Pizzino, a seasoned macro investor and trader, recently delivered a pointed assessment of XRP, expressing strong criticism of the digital asset. However, he also outlined specific factors that, in his view, could reverse XRP’s currently unfavorable trajectory.
XRP’s current struggle
XRP is facing a difficult scenario, as it has repeatedly underperformed during various bull markets since the fourth quarter of 2023.
According to data from Coincodex, XRP ranks among the poorest performers within the top 100 cryptocurrencies this year, falling behind approximately 78% of its peers. This ongoing struggle highlights XRP’s challenges in gaining traction and momentum compared to other assets in a rapidly changing market.
XRP currently trades at $0.5242 exhibiting a 3.11% dip over 24 hours. This further exacerbates its month-long decline, which now totals about 10%. On a broader scale, the asset’s performance over the past year remains lackluster, especially compared to more robust price movements of other assets.
Due to the current circumstances, Pizzino raised doubts about XRP’s potential to make any substantial price gains unless there is a change in market makers’ perception.
Theoretical Route for XRP to Experience a Surge
Pizzino suggested that without a fundamental change in the dominant narrative surrounding XRP, significant price appreciation may remain elusive. This highlights his belief that the current sentiment and outlook tied to XRP may be limiting its ability to experience notable upward momentum.
He argued that for XRP to experience the dramatic price spikes seen in other cryptocurrencies, it may need to shift its image and embrace the characteristics of a meme coin. By aligning with the playful and viral nature of meme tokens, XRP could tap into the speculative frenzy that has driven rapid value surges in other coins.
This shift in perception could help XRP capture the attention of retail investors and traders drawn to the hype surrounding meme coins, potentially leading to the explosive growth that has characterized these assets in recent times.
“If XRP changed from a fake financial flop coin to a flat-out meme coin, it would have a chance of pumping like everything else in crypto has already.” Pizzino tweeted.
The statement suggests that XRP’s current role as a utility-focused token, designed for the traditional financial sector, could limit its potential for the rapid, viral growth that meme coins have experienced.
It implies that while XRP’s serious, practical use case grounds it in traditional markets, this focus may prevent it from capturing the same kind of speculative frenzy and widespread attention that meme coins, often seen as more fun and less functional, tend to attract.
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For additional context, meme coins like Dogwifhat (WIF) and PEPE emerged as standout performers in the cryptocurrency market this year, boasting astonishing year-to-date gains of 1,525% and 641%, respectively. These figures highlight the immense popularity and speculative fervor surrounding meme coins.
Nonetheless, these comments underscore a notable trend in the cryptocurrency market: assets that possess minimal or no inherent utility can experience significant price surges fueled by community enthusiasm and speculative trading.
In contrast, assets grounded in practical use tend to see comparatively modest value increases, reflecting a divergence in market behavior where hype often outweighs functional utility.
ADA Also Encouraged to Transform into Meme Coin
Pizzino has notably expressed similar criticism towards Cardano (ADA), emphasizing that, while the platform does offer utility, it has significantly underperformed.
He highlighted that ADA has faced challenges in matching the price increases of Bitcoin, as evidenced by the ADA/BTC trading pair reaching new lows. A chart shared by Pizzino illustrates that ADA has fallen back to price points that haven’t been seen since the beginning of 2020.
Pizzino suggests that ADA and XRP could see significant performance if they are rebranded as meme coins. In contrast, dedicated supporters argued that the best days for these coins are still to come.
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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