XRP’s recent price decline has sparked a heated debate among investors and analysts, with some predicting a further decline and others expecting a massive rebound.
Notably, the sixth-largest cryptocurrency by market capitalization has seen a 20% drop in the past week, leading some to question its prospects.
Popular crypto investor and analyst “Mr. Huber” took to Twitter on Saturday to express his bearish view on XRP, calling it a “loser coin” that has always been about losing. He shared a chart showing XRP’s 70% decline against the market in the last eight months.
Huber’s tweet was met with mixed reactions, with most respondents supporting his view.
“On paper the best coin, in real life controlled by company with massive supply and dumping on holders to gain as much money out of it, meanwhile not even using it them self. I’m happy i could switch most of them 1 for 2 ADA months ago.” Wrote one tweep.
However, not all holders share Mr. Huber’s pessimistic view. Some perceive the current price weakness in XRP as an advantageous buying opportunity, while others foresee the cryptocurrency’s potential to strengthen, particularly as more users join Ripple’s global payments network, XRP Ledger.
Tech entrepreneur Kieran Kelly noted that despite the recent fluctuations, XRP remains a formidable digital asset for payments.
“XRP is a great digital asset for payments (speed, cost, transactions per second). The fundamentals are incredible for local or overseas payments.” tweeted Kelly.
Kelly further emphasizes the remarkable fundamentals of XRP, especially its ability to facilitate local and overseas transactions, adding that the key to XRP’s future success lies in its adoption by major entities like banks and institutions for everyday transactions backed by substantial transaction volumes.
Elsewhere, popular crypto analyst Black Swan Capitalist tweeted that seeing retail greed at all-time highs before a massive sell-off is common.
That said, despite XRP’s recent price decline sparking concerns among investors, its future still seems bright, more so if the ongoing lawsuit between Ripple and the SEC concludes in the former’s favour or a spot XRP ETF is approved.
XRP was trading at $0.6199 at press time after a 1.31% upsurge in the past 24 hours. It’s worth noting that the current price maintains its position above the crucial monthly support level of $0.55, which could play a significant role if there’s further downward movement. However, it’s essential to note the presence of overhead resistance at $0.74, marked by a double top formation on the daily timeframe.