A known crypto analyst recently shared his opinion, detailing why he thinks investors hate XRP as much. The Ripple-backed token has been one of the most controversial cryptocurrencies over the years. Affected by several factors, especially regulatory, XRP had stalled in performance, failing to surge even when the entire market rallied.
Even though XRP posted some impressive movements since its launch in 2012, its level of inconsistency has been a focal point for criticism. Hence, prominent analyst, IncomeShark ellaborated on why XRP is one of the most disliked coin.
Failure to Sustain Rallies
In a Dec 31 X post, IncomeShark highlited the inability for XRP to sustain a rally as the major reason behind it being hated. He stressed that XRP only show significant movement once every three years, and in those times, it fails to hold the rally beyond five weeks.
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He emphasized that this hatred particularly comes from early investors who have been around for a long time to watch it move. Moreover, he observed that XRP rallies for about one month and then enters into a long period of correction and consolidation.
IncomeShark has been a vocal critic about XRP’s slow movements. In fact, his first statement was on December 3 when he shared his hopes for XRP to rally beyond five weeks after it jumped from about 5 cents to a multi year high of $2.9.
However, the surge was quickly followed by a sharp decline, pulling XRP below the $2 mark in the following days. 0n December 9, he made another post on X, saying how the XRP rally barely made it past five weeks for the first time in six years.
XRP price chart since 2018 | Source: IncomeShark/X
These brief uptrends triggered his concerns, leading to the finalization of XRP’s inability to hold a momentum as the main reason why long-term investors heavily antagonize the coin. He noted that an occasional rally every three years is “isn’t a bullish thing” and is bad for investment.
Meanwhile, in fairness to XRP, the coin had struggled to increase adoption due to the heavy lawsuit brought down on it and Ripple by the SEC. XRP once positioned as the second-largest cryptocurrency by market capitalization following Bitcoin, but its value plummeted significantly after the case started.
XRP Price Movement
XRP began the new year in green. According to on-chain data, the price of XRP surged by 7.49% to trade at $2.24 at the time of writing. However, its trading volume over the last day saw a sharp decline by 6% to $5.45 billion.
XRP now poitions as the fourth most-valuable cryptocurrency with a live market cap of $128.6 billion. Ultimately, XRP is only 38% below its all-time high of $3.40 attained in January 2018.
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