- Pro-XRP attorney Bill Morgan has criticized the price movements of XRP and called other proponents out for meeting his rational concerns with hostile remarks.
- A crypto analyst has explained why XRP has failed to live up to expectations since 2017.
The performance of Ripple’s XRP has been below expectations according to experts. The asset has failed to recover half of its all-time high price of a little over $3 recorded in the 2017-2018 bull run. This year, XRP made an interesting run to surge from below $0.5 to a little over $0.9 right after Ripple had a partial win in the case against the US Securities and Exchange Commission. This was just short-lived as the asset made a pullback, and has since failed to climb up the price curve to an appreciable height.
As of press time, XRP was trading at $0.621177 after surging by only 21% in the last three months. In the past 24 hours, the asset has surged by 0.36%. However, its weekly gain has a negative return of 1.64%.
To address the concerns of several XRP investors, renowned community influencer WrathofKahneman (WOK), has examined why the asset has been underperforming since 2017. In a spreadsheet shared by WrathofKahneman, it was observed that the asset made a surprising surge to $1.19 on December 21, 2017. Unfortunately, XRP fell considerably to $0.35 on December 21, 2018. In 2019, the asset was hovering around the $0.19 price point. The market saw a huge turn-around sending the asset to $0.51 in 2020. In 2021, it extended its upward movement to hit $0.94. At this point, almost all the top cryptos or altcoins had surpassed their all-time highs. In 2022, the price dropped to $0.30.
Analyst Says XRP is Affected by its Origin and Nature
Comparatively, Solana was able to overcome all of its challenges last year to become the fifth-largest crypto by market cap. Within the period, XRP became the second crypto behind Bitcoin to have regulatory clarity. Unfortunately, this had no serious impact on the price.
Pro-XRP attorney Bill Morgan raised this issue on X, expressing disappointment with the price movements since 2017. According to him, other XRP proponents tend to meet his genuine concern with hostile and dismissive responses.
If you point out how weak the long-term trend for XRP price movement has been since 2017 expect a lot of heat and ‘just sell your bags then’ replies – just don’t expect to initiate a sensible debate on the topic and the reasons why.
WrathofKahneman explained that the problem of XRP has to do with its nature and origin. According to him, some people were paid in 2017 to raise negative comments about the asset. It can be recalled that its decentralized nature was questioned with some commentators labeling it as a centralized banker’s coin. The analyst believes that this damaged the reputation of the asset and made it less appreciative compared to the other cryptos.
He also made reference to the decision of the US Securities and Exchange Commission to sue Ripple and its executives for making an illegal sale of unregistered securities. This created fear among investors and forced crypto exchanges to delist it. On top of that, WrathofKahneman observed that XRP does not have the features that make it attractive. This includes smart contracts. Also, XRP had only a few developers building on its platform. To him, the survival of the asset is not only because of a miracle but because it has utility.
