XRP’s slower-than-expected growth rate has sparked outrage in the community but market influencer Moon Lambo has defended the coin’s performance.
The “outrage” in the XRP community is best described as frustration, considering the dashed expectations of many in the community now that the market is arguably entering a bull cycle. XRP’s price at the moment comes in at $0.6329, jumping 3% in 24 hours, and by 3.13% for the week
For an altcoin with relatively higher volatility than Bitcoin (BTC), the growth pales when compared to the daily 5.07% and weekly 14.43% the top coin has recorded thus far.
The XRP Defense Stunt
According to Moon Lambo, the notion by some community members that XRP is the only asset that is down or flat is wrong.
He noted that as of the time he shared the post, or in the earlier hours of Wednesday, cryptocurrencies like Binance Coin (BNB), Solana (SOL), Chainlink (LINK), and Immutable (IMX) among others are trading at a loss.
He said besides stablecoins, there are about 17 out of 50 coins besides stablecoins that are in the red. To solidify his defense position, Moon Lambo said altcoins like Tron (TRX), Polygon (MATIC), Arbitrum (ARB), Monero (XMR), Ethereum Classic (ETC), and Stacks (STX) are trading flat with 1% gain at the time he shared the update.
It's not true that only $XRP is roughly flat or down. Out of the top 50 coins here are all the coins that are down today in order:$BNB, $XRP, $SOL, $OKB, $LINK, $XLM, $KAS, $IMX, $ICP, $MINT, $MKR, $AAVE, $RNDR, $EGLD, $LUNC, $RUNE, $MX
That's 17 out of the top 50 coins,… https://t.co/ZDC9mQNMTG
— Moon Lambo (@MoonLamboio) December 5, 2023
To properly profile the price performance of XRP or any asset, the analyst said shorter time frames provide no meaningful insight.
He said despite that it is lagging behind some altcoins, it is still ranked as the 5th largest coin while comfortably sitting among the top 10 most capitalized coins.
Impending XRP Explosion
One major bottleneck suppressing the growth of XRP has been removed following the coin’s declaration as a non-security by Judge Analisa Torres.
With this new lease of life, XRP can chart a growth path through customized exchange offerings, institutional adoption, and its usage on the XRP Ledger (XRPL).
To Moon Lambo, XRP has a history of lagging behind other top coins but it does this to shake out “weak hands” before eventually going parabolic. Ahead of the impending bull run, many believe XRP will play a central role in leading the next market evolution with a $50 price speculation on the horizon.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
