Raoul Pal’s view on older coins like XRP and ADA sparks debate, with critics arguing age doesn’t define value.
Charles Hoskinson mocks Pal’s “cult” comments about XRP and ADA, highlighting tensions in the crypto community.
XRP shows short-term bullish signs despite recent decline, while ADA faces mixed indicators and potential downward pressure.
Raoul Pal recently stirred up the cryptocurrency community with his comments on older cryptocurrencies like XRP and Cardano (ADA). Pal suggested these projects might be past their prime, triggering a variety of reactions from industry figures. Notably, Charles Hoskinson, co-founder of the Cardano ecosystem, retweeting a sarcastic response to Pal’s statements, highlighted the tension surrounding the debate.
Hoskinson’s retweet playfully alluded to the idea of “Secret Cult meetings,” referencing the dismissive language used by Pal. The tweet, directed at Ripple CEO Brad Garlinghouse, jokingly asks when these “cult meetings” would take place, mocking Pal’s broad criticism of XRP and ADA holders as being part of a “cult.”
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
Bill Morgan, a pro-XRP lawyer, has also pushed back against Raoul Pal, arguing that focusing solely on a cryptocurrency’s age doesn’t accurately assess its true value or future potential. He points out that Bitcoin and Ethereum, which are older than XRP and ADA, remain highly influential and respected within the blockchain ecosystem.
Pal’s criticism goes beyond just the technical aspects of these coins. He has controversially labeled the XRP community as a “cult,” a remark that appears both unwarranted and derogatory.
His comments may have more value if he gave even one cogent reason why people should not hold XRP other than indirectly referring to its age. If that is his only criteria then he might as well add Bitcoin and Ethereum to Cardano and XRP as they also are old. The only thing I… https://t.co/8paVn5tgBD
— bill morgan (@Belisarius2020) August 21, 2024
Such statements might alienate a significant portion of the crypto audience, raising questions about the motivations behind his comments. Constructive criticism should target specific technical or strategic weaknesses rather than resorting to sweeping generalizations about entire communities.
XRP/USD 1-week price chart, Source: Trading view
Looking at market data during publication, XRP is currently priced at $0.597080 with a trading volume of over $1.17 billion. However, it has recently dropped by 2.31%.
According to technical analysis, there is a probability of short-term bullish formation in XRP prices. The 1-week RSI is at 55. 60, meaning the market is neutral or balanced and also the 1-week MACD which is above the signal line, albeit slightly, hinting at some positive momentum.
In contrast, Cardano is priced at $0.357576, showing a trading volume of $255.5 million. The coin has experienced a 4.11% increase in the last 24 hours. However, Cardano’s technical indicators present a mixed picture.
ADA/USD 1-week price chart, Source: Trading view
With a 1-week RSI of 41.41, ADA is approaching oversold territory but is not yet critically low. Additionally, the 1-week MACD is trading below the signal line, suggesting potential short-term downward pressure.
The post Raoul Pal Disses XRP and ADA, Crypto Twitter Reacts appeared first on Coin Edition.
