XRP is capturing the attention of the cryptocurrency market this week, outshining major players like Bitcoin (BTC) and Ethereum (ETH) following a significant update from Grayscale Investments. While many investors are riding the wave of excitement, skepticism still lingers among some market participants.
Exploring Sensei’s Concerns
Renowned crypto trader Sensei has expressed doubts about XRP’s future prospects. In a recent tweet, Sensei pointed out that XRP’s market dominance has plummeted from 32% to a mere 1.5% over the past seven years. He argues that XRP might miss out on any forthcoming bull run, citing Bitcoin’s superior performance as a benchmark.
Sensei also questioned the rationale behind investing in XRP, labeling it as a “useless shitcoin.” Despite his skepticism, it’s worth noting that doubts about XRP are not a new phenomenon. Back in 2016 and 2017, XRP faced similar criticism but managed to prove its detractors wrong with a massive rally. The token surged an astonishing 110,233% from its January 2017 low to its all-time high in January 2018, demonstrating its potential to defy expectations.
Grayscale’s XRP Impact
The recent price surge in XRP may be attributed to the launch of Grayscale Investments’ XRP Trust. This development follows the resolution of the Ripple vs. SEC lawsuit and marks the initial step in Grayscale’s plan to establish an XRP ETF. Analysts believe this move could attract substantial investment, potentially driving XRP’s price even higher.
Recently, XRP reached $0.588, a high not seen in the past three weeks. Although it slightly retraced to $0.5820, the token has shown resilience, posting a 3.4% increase and boasting a market cap of $32.8 billion.
With the introduction of Grayscale’s XRP Trust and the token’s recent upward momentum, is now the opportune time to invest in XRP? Share your thoughts in the comments below.
