Prominent Bitcoin advocate Max Keiser has once again taken aim at XRP, labeling it “centralized garbage” and predicting it is destined to trade at virtual zero against Bitcoin. In a recent post titled “XRP Crash Update,” Keiser highlighted the cryptocurrency’s price decline, sharing a screenshot of the XRP chart.
As of the latest update, XRP has experienced a 5.68% decrease in the past 24 hours, trading at $0.498. This decline mirrors a broader market downturn, with Bitcoin falling 5.25% to $38,750 during the same timeframe.
The overall cryptocurrency market faced significant challenges on Tuesday, as Bitcoin dropped below $39,000 in a market crash, erasing nearly all gains made in the previous two months. This downturn coincided with anxieties surrounding spot exchange-traded fund (ETF) approvals in the United States.
XRP initially surged against Bitcoin on January 9, rebounding from multiyear lows in its pairing. However, the positive trend shifted when XRP began mirroring the price movements of Bitcoin, leading to a period of range-trading in its BTC pairing.
Despite Keiser’s persistent criticism and skepticism about XRP, the cryptocurrency has displayed resilience. The legal battle with the United States Securities and Exchange Commission (SEC) did not result in the anticipated negative outcome, as the judge ruled that XRP is not a security. Furthermore, the SEC dropped its allegations against Ripple executives Brad Garlinghouse and Chris Larsen.
Despite ongoing legal challenges and market uncertainty, XRP maintains its position among the top 10 cryptocurrencies by market capitalization. Presently, it holds the sixth position with a market capitalization exceeding $27 billion.
The future trajectory of XRP, whether it will experience a significant decline against Bitcoin or soar to new heights, remains uncertain and is closely watched by market participants.
