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- Bitcoin proponents have slammed the massive XRP rally, calling it unsustainable.
- XRP proponents dismissed the claims, outlining why XRP deserves the growth.
Bitcoin (BTC) proponents have raised concerns regarding XRP’s latest rally. Some predict the meteoric rise could result in a disastrous collapse, even labeling it the “mother of all rugpulls.” XRP has lost a substantial amount of its recent gains, igniting further concerns from investors.
Concerned Bitcoin Voices on XRP Rally
XRP has skyrocketed recently, with the price crossing the $2 mark. The altcoin recorded an increase of 283% in November and another 31% in the first three days of December. The surge pushed XRP to the third-largest cryptocurrency by market capitalization spot.
This spectacular rally, however, has sparked criticism from Bitcoin maximalists, who believe it is unsustainable. Rajat Soni, a Chartered Financial Analyst and Bitcoin maximalist, has expressed skepticism about XRP’s price movement.
He questioned how XRP could have risen by 435% since November 2, given that it had only climbed by 11% since 2018. Soni described this pattern as abnormal and speculated it might point to a pump-and-dump scheme. His comments quickly drew attention from the online community.
Market analyst and crypto commentator Kaptain Kirk countered Soni’s assertions. He attributed XRP’s recent rally to a market correction following extended price suppression induced by the SEC lawsuit. Kirk claims XRP’s latest price surge reflects a return to fair market value rather than manipulation.
Bitman, another prominent Bitcoin maximalist, also expressed his concerns by highlighting XRP’s price history. BitMan noted that XRP has grown by 45,920% since its debut, with recent performance indicating an abnormal trend. He cautioned that XRP’s current rise could end disastrously.
Another focal point of criticism is XRP’s performance relative to Bitcoin. In November, the XRP/BTC trading pair increased by 179.14%; in December, it rose by 32%. It peaked at 0.00002704 BTC on December 3, representing the highest level in 18 months.
This outperformance has further fueled skepticism from Bitcoin maximalists, who contend that XRP’s gains are speculative trading rather than fundamental value. According to critics, such volatility calls into question XRP’s credibility as a reliable investment.
Is XRP A Potential Rug Pull?
However, Tony Edward, host of the Thinking Crypto podcast, dismissed concerns about a potential rug pull. He emphasized that XRP has remained among the top 10 cryptocurrencies for years, even amid market fluctuations.
Edward further charged Bitcoin maximalists with prejudice, implying that they find it difficult to accept when altcoins do better than Bitcoin. He contended that the surge in XRP’s value indicates growing confidence in the coin. According to him, XRP benefits from anticipating a more crypto-friendly regulatory ecosystem under Donald Trump‘s administration.
As CNF reported, many expect that Trump’s acceptance of cryptocurrency will end XRP’s strain with the SEC. There are already speculations about big administrative changes coming to the SEC, which is quite encouraging for XRP.
XRP price was trading at $2.28, down 2.5% in the last 24 hours. However, it is still up 38.9% on the weekly chart. Some crypto experts predicted that XRP is on its path to reaching its previous high of $3.7.
Notably, Wall Street analyst Linda Jones has urged XRP investors to hold on to their assets. Jones noted in a CNF post that XRP’s potential greatly exceeds that of ordinary cryptocurrencies.
