As a seasoned crypto investor who has weathered multiple bull and bear markets, I must say that the current state of the market presents both opportunities and challenges. The recent surge of Bitcoin towards $90,000 is nothing short of exhilarating, but the performance of certain coins, like Ripple’s XRP, leaves much to be desired.
Recently, the cryptocurrency market has been surging, with Bitcoin (BTC) approaching $90,000. Other digital currencies have also seen gains, but Ripple‘s XRP has been an exception to this trend, causing some disappointment among its community members who are unhappy about its performance. Here’s a breakdown of their current status:
Despite XRP’s sluggish performance, coins like Dogecoin are surging rapidly. For instance, Dogecoin has soared more than 150% in the past week, with a remarkable 50% increase even within the last day. Meanwhile, XRP has managed only a 30% rise during this same period, causing Dogecoin to overtake it in the rankings of leading cryptocurrencies.
Community Criticism Intensifies Over Ripple’s Strategy
Frustration among Ripple users has grown due to the underperformance of XRP, with some expressing their discontent by urging the team to take action. One user even suggested that they should mimic the promotional strategies employed by Charles Hoskinson, the CEO of Cardano, and apply similar tactics for the benefit of the XRP community.
David Schwartz, Ripple’s CTO, made a comment that follows his previous post where he pointed out a crucial difference between an investment contract and a regular purchase like buying art. Unlike investments, regular purchases do not obligate the seller to secure the item’s future worth. However, in an investment contract, there is a legal obligation to safeguard the investor’s interests. Schwartz believes that the Supreme Court will either use common sense when interpreting existing laws or modify the Howey Test to more accurately separate true investment contracts from ordinary transactions.
In reaction to a post by Schwartz, someone made a comment implying that the Ripple team, including Schwartz himself, had pocketed all dividends. This user suggested that no one has earned a profit from holding XRP for seven years, labeling it as a waste of resources and time. The user was quite blunt, branding Schwartz as the mastermind behind a failed scheme. However, in response, Schwartz explained that his XRP holdings had experienced fluctuations like everyone else’s, with no special privileges. He stated that any actions they take to boost their own XRP value would automatically benefit all other XRP owners equally.
A fellow community participant expressed exasperation, questioning why XRP continues to languish at the lower end of its potential range. They argued that the community has been misled or deceived not once, but twice, and it appears a similar pattern is emerging. Moreover, they asserted that this has been one of their most agonizing financial experiences.
Legal Insights on Ripple’s Approach and Future Prospects
Bill Morgan, a legal specialist, offered his perspective on the issue, pointing out that the court determined Ripple’s systematic sale of XRP did not pass the Howey Test for an investment contract, largely due to the fact that Ripple did not heavily market XRP towards retail investors. This absence of marketing efforts was a significant factor leading to the court deciding that XRP was not considered a security during those transactions.
Morgan suggested it’s unlikely that Ripple will begin marketing XRP to regular investors immediately, since doing so might conflict with ongoing court rulings while legal disputes are being addressed.
Over the past months, the price of XRP has remained relatively unchanged. Nevertheless, there’s been a noticeable uptick recently. In fact, over the last eight days, XRP experienced a 30.57% rise and added an extra 14% in the last day alone. This growth provides a small spark of optimism for its owners. However, without a defined plan from Ripple, many within the community are hesitant, watching closely to see if XRP can take advantage of the ongoing crypto market surge.
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2024-11-12 19:11