Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
XRP’s Underperformance Ruffles Feathers As Community Asks Ripple To Do Something About Price
The XRP community is currently filled with discontent as concerns are on the rise over the prolonged underperformance of XRP’s price. Various community members have voiced their disappointment and criticism, urging Ripple, a world-leading crypto solutions provider, to take decisive action in addressing the challenges affecting the price of XRP.
XRP Enthusiast Demands Solutions To Price Declines
An XRP supporter and community member, identified as “MackAttackXRP” on X (formerly Twitter), has shared a post expressing his frustrations and rising apprehensions over the stagnant condition of XRP’s price. The community member revealed that the expected trajectory for the cryptocurrency was diverging, undergoing numerous declines or maintaining a fixed diminished state for an extended period.
Once a prominent player in the space, XRP held a significant position among the best-performing assets in the cryptocurrency space, trailing behind leading cryptocurrencies such as Bitcoin and Ethereum. However, the cryptocurrency is currently grappling with subdued market performance, struggling to match the pace set by trends within the broader crypto market.
Since 2019, the cryptocurrency witnessed massive declines in both its price and overall trading volume. Furthermore, after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, XRP experienced further declines as investor sentiment dropped and the token’s reputation took a major hit.
Despite having the full support of its extensive community and finally gaining legal clarity after achieving a partial victory against the SEC, the cryptocurrency has been unable to make any noteworthy recovery. According to CoinMarketCap, the price of XRP at the time of writing is $0.52, a significant contrast from it’s all-time high of $3.84 in January 2018.
In response to the lingering price decline, Mack has taken a proactive stance, issuing a “sincere warning” to Ripple’s key figures – Chief Executive Officer (CEO), Brad Garlinghouse and Chief Technology Officer (CTO), David Schwartz. He urged them to implement more effective measures to enhance the value of XRP, highlighting the community’s growing restlessness and ongoing frustration with the cryptocurrency’s price.
XRP Community Slowly Loses Hope For Cryptocurrency
Similar to Mack, the majority of the XRP community has also expressed pessimistic sentiments regarding XRP’s extensive declines. Various XRP holders are beginning to lose confidence in the cryptocurrency and have opted to either sell off their tokens or refrain from purchasing more XRP.
An XRP community member disclosed that he had sold off 75% of his XRP holdings and plans to exit the market entirely. Mack, witnessing a decline in his connections, has also begun selling off his XRP holdings. Additionally, another member has stated that he would refrain from buying XRP tokens, expressing concerns that the cryptocurrency’s volume could drop further if the current decline persists.
Amidst the growing discontent, some community members argue that Ripple and its team have displayed a lack of consideration for the community’s sentiments. They claim that the company is only concerned about its internal developments and strategic objectives rather than the interest of retail investors.
Featured image from Adobe Stock, chart from TradingView
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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