What Is the Basis of the XRP Decline?
Ripple CTO David Schwartz believes that the poor performance of XRP and other major currencies is due to the uncertainty that crypto will be the next big thing. Using Google in 2000 as an example, Schwartz compared how people can be skeptical about how the search engine will get billions of dollars and new wealth, but some become true believers and get millions. He thinks crypto is in a similar situation right now.
As a result, prices move together as investor sentiment rises and falls depending on whether many people are convinced of the future of crypto or not. Simply put, “the market is still trying to figure out if crypto is going to be the next big thing.” Therefore, the adoption of various crypto technologies can be successful if the company can convince people of the potential of crypto by providing a good case. and the full level of scalability.
At the same time, Schwartz emphasized that this is only his personal opinion of the facts and unsupported data. Therefore, one is free to forgive him. At press time, the price of XRP is down more than 90% from the all-time high reached in early 2020. Uncertainty surrounding the SEC case against Ripple remains a major issue for the popular cryptocurrency.