Coinspeaker XRP Struggles amid Crypto Market Rally, Sparking Frustration among Holders
The crypto market has been experiencing a bullish run lately, with Bitcoin BTC $86 446 24h volatility: 3.1% Market cap: $1.71 T Vol. 24h: $143.36 B nearing $90,000. Other altcoins have also been on the rise; however, one notable coin that hasn’t followed this trend is Ripple’s XRP XRP $0.69 24h volatility: 17.1% Market cap: $39.53 B Vol. 24h: $10.89 B , drawing frustration from community members who have voiced their displeasure with the situation.
While XRP has been lagging, other cryptocurrencies are climbing fast. Dogecoin DOGE $0.37 24h volatility: 20.5% Market cap: $54.26 B Vol. 24h: $45.72 B , for example, has jumped over 150% in the past week, including a 50% rise in just the last day. As XRP struggles with only a 30% increase in the last week, Dogecoin has now passed it on the list of top cryptocurrencies.
Community Criticism Intensifies Over Ripple’s Strategy
The poor performance of XRP has led to outbursts from some Ripple users, as one commented that the team should do something about it, suggesting they should emulate Cardano CEO Charles Hoskinson’s way of promoting Cardano and do the same for the XRP community.
The comment followed a post by Ripple CTO David Schwartz, in which he stated that an investment contract involves a legal responsibility to protect the investor’s interests, whereas a regular purchase, such as buying art, does not obligate the seller to guarantee its future value. Schwartz expressed optimism that the Supreme Court would either apply common sense to current laws or revise the Howey Test to better distinguish true investment contracts from ordinary purchases.
Reacting to Schwartz’s post, a commentator claimed that the Ripple team, including Schwartz, had taken all dividends for themselves. The user alleged that no one has been able to make a profit from holding XRP for seven years, calling it a total waste of everyone’s time and money. The user did not hold back, accusing Schwartz of being the “ringleader of a complete shamble of a mess”. In response, Schwartz clarified that his XRP holdings have fluctuated in value just like everyone else’s, with no unique advantage. He explained that any effort they make to increase the value of their own XRP would inherently benefit all XRP holders equally.
Another community member voiced frustration, puzzled as to why XRP remains stuck near the bottom despite its potential. He claimed that the community has been “rug-pulled” twice, and a similar pattern seems to be repeating, adding that he has never had such a painful investment experience.
Legal Insights on Ripple’s Approach and Future Prospects
Bill Morgan, a legal expert, weighed in on the matter, noting that the court found Ripple’s programmatic sales of XRP did not meet the Howey Test’s requirements for an investment contract, partly because Ripple didn’t actively promote XRP to retail investors. This lack of promotion was a key reason why the court ruled that XRP isn’t a security in those sales.
Morgan expressed doubt that Ripple would start promoting XRP to retail investors anytime soon, as such promotion could undermine the court’s ruling while legal challenges are still pending.
Despite the overall stagnation in XRP price over recent months, there has been some upward movement in the past week. XRP saw a 30.57% increase over the last eight days and gained an additional 14% in the last 24 hours, offering a glimmer of hope to its holders. However, without a clear strategy from Ripple, many in the community remain cautious, waiting to see if XRP will manage to capitalize on the broader crypto market rally.
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XRP Struggles amid Crypto Market Rally, Sparking Frustration among Holders
