Max Keiser, a financial journalist and the host of RT’s Keiser Report, has once again disparaged the Ripple-promoted token XRP, asserting that its investors will never witness a much-anticipated parabolic rally.
In recent years, Keiser has become a member of El Salvador’s Bitcoin office and an advisor to the Latin American nation’s president, Nayib Bukele. El Salvador made Bitcoin a legal tender in 2021 and has since continued to increase its BTC holdings.
Keiser On XRP’s Potentially Gloomy Future
Max Keiser shared a short video on X (aka Twitter) in which a crow tries to devour a worm. The crow opens its mouth but does not succeed in catching the worm.
Alongside the video, Keiser captioned: “XRP holders waiting for the rally that is NEVER GOING TO HAPPEN.”
XRP holders waiting for the rally that is NEVER GOING TO HAPPEN. pic.twitter.com/Ja23aREFZM
— Max Keiser (@maxkeiser) October 5, 2024
As an unabashed Bitcoin maximalist, Keiser frequently bashes alternative coins such as XRP, Ether (ETH), Solana (SOL), and Cardano’s ADA, calling them “centralized garbage” on the verge of crashing to zero. He also said earlier that he agreed with the Securities and Exchange Commission’s assertion that most altcoins are unregistered securities.
Earlier this year, Keiser the BTC proponent claimed that XRP was created by Ripple “to steal billions from fools,” adding that the seventh largest cryptocurrency would continue “trending to zero against Bitcoin”.
XRP To Be Stuck In Downtrend Amid Ripple’s Recent Legal Setback?
XRP has slipped by over 14% so far in October, with its losses spurred mainly by renewed regulatory uncertainties on the heels of the U.S. Securities and Exchange Commission’s (SEC) fresh appeal in the long-running Ripple case.
On Oct. 2, the securities watchdog filed a notice of appeal to the Second Circuit Court of Appeals, just less than two months after Judge Analisa Torres gave her final judgment in the now four-year-old suit against Ripple.
The SEC’s appeal could pose serious headwinds for XRP’s price, particularly if the Wall Street regulator successfully argues that the token’s programmatic sales on crypto exchanges to retail investors qualified as securities. Being categorized as security is widely seen as a bearish development in the cryptosphere, as securities are more tightly regulated than commodities.
Moreover, the appeal dampens hopes for a spot XRP exchange-traded fund (ETF) despite the first application recently reaching the SEC’s desk. As ZyCrypto reported earlier, experts have now pinned the odds of this ETF filing seeing the light of day at almost zero, especially if Democratic presidential nominee Kamala Harris wins the White House.
