2024-11-7 20:19 |
Ripple-promoted cryptocurrency XRP has performed noticeably poorly when compared to other top 10 cryptocurrencies. The price of XRP has dramatically lagged this year, failing to revisit its peak value set in January 2018, while other cryptocurrencies like Bitcoin rallied double-digits to new historic highs this week.
A popular lawyer in the crypto space has responded to criticism regarding XRP’s disappointing performance, disclosing why the crypto has lagged behind Bitcoin’s price gains.
XRP Is The Worst Performer Among Crypto MajorsA crypto pundit going by the online alias ScamDetective5 observed on the X social media platform that the price of Bitcoin has more than doubled this year, rising over 117% to a new all-time high above $76,000. Meanwhile, XRP’s price has sunk by nearly 25% during the same timeframe.
He suggested that investors should not listen to analysts claiming XRP has a greater price return potential because the coin’s performance discredits such statements.
In response, lawyer Bill Morgan said ScamDetective was “obsessed” with XRP. Morgan acknowledged XRP’s lackluster performance, noting that the coin ranks as the worst-performing coin among the top 10 cryptocurrencies over the past year. The attorney claimed that XRP’s laggard price action stems from the legal battle between the United States Securities and Exchange Commission and Ripple. He pointed out that XRP has been mired in the suit for four years, putting bearish pressure on its price.
In Morgan’s opinion, market participants still associate XRP with Ripple, which is locked in an “unholy war” with the SEC. Case in point, a recent article from Forbes called XRP “Ripple”. He believes this sentiment continues to weigh down on XRP.
XRP To Gain More Clarity Under Trump’s Presidency?As crypto-friendly Donald Trump readies to take office as the American president in January 2025, the crypto community is speculating that SEC chair Gary Gensler could resign and be replaced by a commissioner who adopts a more collaborative approach for the crypto industry. Crypto advocates have repeatedly criticized Gensler for his restrictive policies stifling crypto innovation in the US.
Gensler, appointed by incumbent President Joe Biden, has overseen SEC enforcement actions against exchanges like Binance, Kraken, and Coinbase, as well as decentralized finance (DeFi) companies, among others.
If Trump fulfills his promise to fire Gensler on his first day of office, the agency boss’ tenure, scheduled to expire in April 2025, may come to a premature and swift end, and a real XRP bull run could finally kick off.
Moreover, the bullish Trump administration gives spot exchange-traded funds (ETFs) based on cryptocurrencies like XRP a fighting chance under a new SEC regime.
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