The cryptocurrency market has entered a long-anticipated bull run, or in other words, prices are rising across the market. Bitcoin rewrote history again, crossing $89,000, and many other assets like Solana have leapfrogged major competitors.
However, only Ripple Labs’ XRP cannot set any noteworthy ground at this rally. While XRP has risen by only 17%—it is among the smallest upswings across the top coins—holders of the coin are muttering dissent as the company faces backlash.
XRP Underwhelms While Competitors Outperform
While assets like Solana are increasingly eating up market share, XRP, for some reason, slows down. Solana’s current price rise has surpassed that of Binance Coin (BNB), as SOL has surged past $212, a weekly increase of 35%.
According to CoinGecko data, Solana’s circulating market valuation is about $99.8 billion, which ranks higher than BNB in market cap.
Nevertheless, the growth of XRP has been relatively small. An increase of 17% has placed XRP at $0.69, which is way below its ATH recorded in 2021. The asset has taken seventh place on the crypto ranking list, and rivals like Dogecoin have moved ahead of it.
For instance, the Cardano (ADA) spiked nearly 88% within a week, which is the kind of velocity that XRP has been unable to manage.
Market Sentiment and Ripple’s Strategy Under Question
Investor sentiment around Ripple and XRP has soured amid this underwhelming performance. Several disgruntled XRP holders have been actively sharing their frustration with Ripple’s executives on social media, where some users complain that Ripple does not effectively promote XRP utilities.
Criticism has especially fallen on Ripple’s Chief Technology Officer, David Schwartz, whom some XRP holders accuse of underperforming the asset. In a recent post on X (ex-Twitter), Schwartz responded to the complaints, noting that Ripple’s agenda is not on short-term pump schemes.
Schwartz’s stance has not quelled concerns, as some investors allege that Ripple’s strategy of courting institutional partnerships hasn’t yielded the hoped-for benefits for XRP holders.
Others argue that Ripple’s longstanding legal battle with the SEC has hindered its ability to promote XRP, placing it at a disadvantage compared to assets like Bitcoin, which face fewer promotional limitations.
The ongoing SEC lawsuit remains a key obstacle for Ripple, affecting its ability to engage with the retail market. Legal analysts point out that Ripple’s efforts to avoid XRP being classified as a security have limited its capacity to market XRP directly to individual investors.
Unlike Bitcoin, which faces no such restrictions, XRP’s promotional limitations have further impacted its price potential. Legal expert Bill Morgan recently highlighted this disadvantage, noting that SEC restrictions create an uneven playing field, especially as Bitcoin’s value surges amid the bull market.
Ripple’s current legal constraints have led to a sentiment of stagnation within the XRP community, where some holders feel the company’s institutional focus has sidestepped retail investors.
Can Ripple Reassure XRP Holders?
Ripple is currently appealing the SEC ruling, aiming for greater regulatory clarity that could eventually lift some restrictions on promoting XRP. While Ripple’s leadership has committed to creating long-term value, XRP holders remain skeptical about whether the company’s strategy will benefit them.
As the crypto bull market charges forward, the widening performance gap between XRP and its competitors has left investors wondering if the token will ever fulfill its long-held promises.
Ripple’s community is calling for the company to shift focus and rekindle XRP’s place in the market as they look for more from Ripple amid a historic market rally.