🚨🚨 Key Points: Why Ripple’s XRP Has Underperformed in 2024 🚨🚨
1. Underperformance Compared to Peers:
XRP has significantly underperformed other top 10 cryptocurrencies, unable to revisit its January 2018 peak.
Bitcoin, in contrast, surged by over 117% this year, reaching a new all-time high above $76,000, while XRP's price declined by nearly 25%.
2. Criticism and Observations:
Crypto commentator ScamDetective5 noted the stark contrast in performance between Bitcoin and XRP, warning against claims of XRP’s potential for significant returns.
He argued that recent data challenges such optimistic analyses.
3. Legal Issues Impacting XRP:
Attorney Bill Morgan attributed XRP’s poor performance to its ongoing legal battle with the U.S. SEC, which has persisted for four years.
The lawsuit has contributed to bearish sentiment around XRP, keeping its price subdued.
Market perception still strongly associates XRP with Ripple, as evidenced by Forbes referring to XRP as “Ripple,” further impacting sentiment.
4. Potential Changes Under Trump’s Presidency:
With Donald Trump set to take office in January 2025, the crypto community anticipates possible regulatory shifts.
Speculation suggests SEC Chair Gary Gensler, known for his restrictive stance on crypto, may resign or be replaced.
A change in leadership could create a more favorable regulatory environment for cryptocurrencies, including XRP.
Trump has previously promised to dismiss Gensler, potentially bringing his tenure, which ends in April 2025, to an early close.
5. Implications for XRP:
A new SEC leadership might pave the way for a more collaborative regulatory approach.
The potential approval of spot cryptocurrency ETFs, including those for XRP, could boost market confidence and lead to a positive price movement.
Such developments could trigger a long-awaited XRP bull run if the regulatory environment becomes more supportive.