Coinspeaker Economist Raoul Pal Sounds Alarm on XRP, ADA, Faces Backlash

In the latest interview on Tuesday, August 20, popular economic Raoul Pal shared his concerns over the future of XRP and Cardano’s ADA digital assets. These two altcoins have been on the radar due to their underperformance amid the ongoing global market uncertainty and other legal challenges.

As of press time, XRP is trading 2.47% down at $0.5952 with a market cap of $33.3 billion. The XRP price has faced several rejections at $0.60 in the past which serves as a crucial resistance for the altcoin. On the other hand, Cardano’s ADA recently lost the tenth position to Tron and has been flirting around $0.3533 with a market cap of $12.6 billion. Amid the current market downturn, the ADA price has faced strong selling pressure with bulls finding it difficult to push above $0.40.

During his latest interview, Raoul Pal stated that investors should avoid ADA and XRP adding that the two projects have been losing their innovative edge against new market competitors.

🚨 MUST WATCH: RAOUL PAL STATES AVOID OLD COINS LIKE $XRP & $ADA !!💥

“I Just Feel Like You’re Being Done A Disservice Because You’re In A Cult.”😳

Raoul Pal's statements about avoiding older coins like #XRP & #ADA suggest a belief that these projects may have lost their… pic.twitter.com/JwGGXs76Ai

— Good Morning Crypto (@AbsGMCrypto) August 20, 2024

Another popular analyst Max Prime also called XRP as one of the biggest scams in the crypto space. Prime noted that despite a favorable court ruling, XRP’s price has seen minimal movement, raising skepticism among observers.

Cardano CEO Slams Pal, All Eyes on Chang Hard Fork

Following Raoul Pal’s comments Cardano CEO Charles Hoskinson took a dig by roping in Ripple CEO Brad Garlinghouse.

So @bgarlinghouse, when are we going to the Secret Cult meetings? I never got the memo from Raoul https://t.co/Q9NBEoBcfs

— Charles Hoskinson (@IOHK_Charles) August 21, 2024

On the other hand, the Cardano community is eagerly waiting for the launch of the Chang hard fork, which is already delayed and rescheduled for August 27. Building excitement around this, Hoskinson wrote:  “Are you prepared for Chang? The rocket is on the pad. Governance is coming”.

The final decision on the hard fork launch will come by August 23. Last week, nearly 70% of Cardano’s stake pool operators adopted Node Version 9.1.0, thereby overcoming a major hurdle to the Chang hard fork. The upcoming hard fork will transition Cardano to a community-driven governance model.

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Economist Raoul Pal Sounds Alarm on XRP, ADA, Faces Backlash