XRP is in the spotlight, after shooting past the $3 level, but not everyone is cheering.
The ongoing legal spat between Ripple and the Securities and SEC has many scratching their heads and questioning whether XRP is really worth the hype.
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With some market watchers speculating that former President Trump might shake things up by dismissing what they call unfair crypto trials, the future of XRP hangs in the balance.
Ripple is pro-CBDC, but CBDCs are banned now
While Trump is busy dreaming up a U.S. Bitcoin strategic reserve, other pressing issues like reforming crypto regulations seem to be gathering dust.
This has left many in the crypto community feeling that XRP might be riding a wave of overexcitement, especially with long-term challenges looming.
Enter Samson Mow, the Bitcoin maximalist who’s not holding back on his criticism of Ripple and XRP.
He’s got some pretty strong opinions, claiming that XRP doesn’t hold real value and accusing Ripple’s founders of conjuring up 100 billion tokens out of thin air.
Mow argues that putting XRP in a U.S. crypto reserve would essentially mean handing taxpayer dollars to companies that play games with token supply.
Bitcoin is about sovereignity, but XRP and alts are about someone else’s controlling the money
His take aligns with those who believe Bitcoin is the only worthy asset for a national reserve, emphasizing its decentralized nature and scarcity.
Mow’s sentiments echo Elon Musk’s focus on cutting unnecessary government spending, making it clear he’s not a fan of supporting tokens like XRP that he feels undermine sound monetary policies.
Interestingly, Charles Hoskinson, the founder of Cardano, recently teamed up with Ripple to launch the RLUSD stablecoin on Cardano.
While he hasn’t directly criticized Ripple, he shares Mow’s belief that Bitcoin should be the sole asset in a U.S. crypto reserve.
On the other hand, Trump’s closed-door meeting with Ripple hints at potential positive shifts for XRP, even amidst ongoing legal challenges.
XRP price looks good, but fundamentals are real?
Despite XRP’s price hike, its future basically remains uncertain. The SEC scrutiny and critics like Mow raise valid concerns about whether XRP can maintain its momentum.
Investors are understandably cautious, they may lean towards tokens without regulatory headaches.
XRP primarily serves as a cross-border payment solution for financial institutions, but its adoption has been limited due to these legal issues.
If these challenges aren’t resolved soon, they could spell trouble for XRP’s future under Trump’s leadership.
