2024-12-5 01:29 |
XRP, the token stewarded by Ripple, has been one of the best performers in the crypto market. On Monday, the XRP price skyrocketed to a fresh seven-year high above $2.81, buoyed by a series of post-election catalysts ranging from hopes of increased regulatory clarity to the potential for U.S.-listed spot XRP exchange-traded funds (ETFs).
However, despite XRP’s stellar price action, a popular crypto pundit thinks the token could still drop back below the $0.60 mark.
IncomeSharks Explains Why XRP Could Fall To $0.60In a recent post on X, analyst IncomeSharks told his 576K followers that the Ripple-linked token might be on the verge of a major drop. IncomeSharks observed that roughly 43% of the available coins are not yet in circulation, as Ripple still holds roughly 38.9 billion tokens in its escrow accounts.
“There’s a reason this space collectively dislikes this token because it’s always pumping and dumping,” the expert said.
In an accompanying chart, IncomeSharks shows that the price of XRP spiked from just a few cents in 2017 to its current lifetime peak of $3.40 in January 2018, only to crash just months later. Notably, a similar trend was witnessed during the 2020/2021 market cycle amid the Securities and Exchange Commission’s lawsuit against Ripple.
Over 43% of the $XRP tokens are still not even circulating. Imagine if you were on Pump Fun and saw the developer owned 43% of supply. There's a reason this space collectively dislikes this token because it's always pumping and dumping. pic.twitter.com/n7wMvyU2nR
— IncomeSharks (@IncomeSharks) December 2, 2024The pundit’s chart suggests that the over 430% gains that XRP witnessed since November could soon vanish. He projects a potential correction from its recent high near the magical wonderland of $3 to as low as 60 cents in the coming weeks. This would represent a nearly 80% fall from current price levels.
IncomeSharks further argues that XRP is the “biggest joke in 10 years of crypto,” and after a 4X monthly pump, people tend to “pretend like it’s legit.”
XRP Community DisagreesMembers of the XRP community quickly refuted IncomeShark’s claims. Moon Lambo, for instance, noted that literally all cryptocurrencies, including Bitcoin (BTC), experience amplified euphoria at some periods in time, with a price correction ensuing. As such, this price behavior is not limited only to XRP.
Other XRP backers slammed IncomeShark’s claims concerning XRP’s circulating supply. Analyst Credible Crypto stated that no meme coin has tokens locked in an inaccessible escrow, released slowly over extended periods. He stressed that the wider cryptosphere knows about XRP’s supply dynamics and that IncomeShark prefers to overlook this fact to fit his flawed narrative.
“Chart looks fantastic when you actually look at complete price history instead of zooming in on the last consolidation to fit some “never-ending dump” narrative lol. It takes some time to digest a 110,000% move up and that’s all the last 7 years were. Now the next leg has begun,” Credible Crypto continued.
Others asked the naysayer to name another crypto asset that has maintained its position within the top 10 largest cryptocurrencies by market cap even while mired in a high-profile lawsuit with the SEC.
The third largest cryptocurrency by market capitalization was trading for $2.36 at press time, an 11.3% drop on the day.
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