XRP is stealing the spotlight this week, beating top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) after a big update from Grayscale Investments. While many investors are riding the wave of excitement, not everyone is convinced.
Popular crypto trader Sensei is betting against XRP, calling it a “shitcoin.” So, is XRP about to hit new highs, or is it just all hype?
Exploring Sensei’s Concerns
In a recent tweet, popular crypto analyst Sensei questioned XRP’s future, pointing out that its market dominance has dropped from 32% to just 1.5% over the past seven years. Sensei believes that XRP will likely miss out on any upcoming bull run, highlighting Bitcoin’s better performance as evidence.
Sensei also challenged the logic behind investing in XRP, asking why anyone would still buy this “useless shitcoin.”
However, doubts about XRP are not new. Back in 2016-2017, XRP faced similar skepticism but eventually proved critics wrong with a huge rally. The token surged an incredible 110,233% from its January 2017 low to its all-time high in January 2018, showing that XRP can surprise its critics.
Grayscale’s XRP Impact
The recent price increase in XRP might be linked to the launch of Grayscale Investments’ XRP Trust. This move comes after the Ripple vs. SEC lawsuit concluded and is the first step in Grayscale’s plan to create an XRP ETF. Analysts believe this could attract significant investment and boost XRP’s price.
XRP recently rose to $0.588, hitting a high not seen in three weeks. Although it slightly retraced to $0.5820, the token remains resilient, up by 3.4% with a market cap of $32.8 billion.
With Grayscale’s XRP Trust and the token’s recent surge, is now the time to invest in XRP? Let us know your thoughts.
Source: https://coinpedia.org/news/xrp-shines-amid-grayscales-move-but-top-analyst-calls-it-a-shitcoin/