The cryptocurrency world is unpredictable to say the least and XRP has faced its share of ups and downs. Once a standout digital currency, it’s had challenges since its peak in 2017. Let’s explore the factors behind XRP’s journey, with insights from WrathofKahneman (WOK) and other experts.
XRP started strong, reaching $1.19 in December 2017. But by the end of 2018, it dropped to $0.35. While it had some recoveries, XRP couldn’t keep up with big names like Bitcoin and Ethereum. In 2021, while others soared, XRP only reached $0.94.
Why is XRP Underperforming?
Negative Propaganda and Reputation Damage
WOK mentions a negative campaign in 2017. Allegedly, some tried to spread doubts about XRP, calling it the “banker’s coin.” These claims affected how people viewed XRP in the crypto world.
Legal Battles and Regulatory Uncertainty
A major blow to XRP’s credibility came when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging an unregistered securities offering. This legal quagmire cast a shadow over XRP, leading to uncertainty and hesitancy among investors and developers.
Technological Limitations
Unlike Ethereum and other blockchain networks, XRP initially lacked features like smart contracts, which are crucial for speculative investors and developers. Though the XRP Ledger is evolving to incorporate these features, the delay has significantly affected its underperformance.
Also Read: XRP Lawsuit Update: Will the SEC Pay Any Reimbursement for Losing Against Ripple?
Bill Morgan, a pro-crypto lawyer, expressed frustration over XRP’s weak price trend. Discussions within the community have often been polarized, with some members reluctant to acknowledge the issues plaguing the token.
Despite its challenges, XRP remains useful, especially for cross-border transactions. New features, like ‘Hooks,’ are in the works. These could make XRP more appealing to developers and users in the future.
Also Read: Ripple Price Prediction: XRP Price Set to Hit $22, Analyst Sees 3,510% Growth by Next Bull Market
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