Some analysts and Bitcoin maximalists believe XRP will eventually collapse sharply, suggesting the crash would mark the ‘mother of all rugpulls.’
XRP, which closed November with a 283% surge and up by another 31% in the first three days of December, has drawn criticism from Bitcoin maximalists. While supporters of XRP attribute the rise to market recovery, detractors suggest the rally is unsustainable.
Bitcoin Advocates Voice Doubts
Prominent Bitcoin proponents have expressed concerns about XRP’s rapid ascent. A particular maxi known as “BitMan” criticized XRP’s performance, sharing a chart that highlighted its 45,920% all-time gain and recent growth.
This will be the mother of all rug-pulls.🍿 pic.twitter.com/GIeZPZcBhs
— ₿itMan #FixTheFilters (@BitMan_PoW) December 2, 2024
Notably, XRP has failed to record any massive substantial collapse since it began its upsurge in early November. As a result, BitMan warned that XRP’s latest rise could end disastrously, calling it the “mother of all rug pulls.”
Rajat Soni, a Chartered Financial Analyst and vocal Bitcoin maximalist, shared similar concerns. In a post on X, Soni described XRP’s rally as unnatural and suggested it might be a pump-and-dump scheme.
I find it crazy that so many people are messaging me about #XRP
If you can't see that this is a scam, you deserve to be scammed
The way that the price is rising is not natural
This is not how markets work
Can anyone explain why XRP has risen 435% since November 2 and only 11%… pic.twitter.com/kC6vG2eMzf
— Rajat Soni, CFA (@rajatsonifnance) December 2, 2024
He questioned how XRP managed a 435% rise since November 2 despite increasing only 11% since 2018. Soni argued that such price behavior does not reflect organic market activity, labeling the rally suspicious.
However, Soni’s remarks met opposition. Market commentator “Kaptain Kirk” argued that XRP’s recent price increase shows a correction after years of suppression by the SEC. According to Kirk, the rally is a return to XRP’s natural price, which had been artificially deflated by the SEC lawsuit.
XRP Proponents Bullish Amid Upsurge
For context, these remarks from Bitcoin maxis come as XRP gains substantially against Bitcoin. The XRP/BTC pair spiked by 179.14% in November and climbed another 32% in December, reaching its highest level in 18 months at 0.00002704 BTC.
Notably, this outperformance has triggered more criticism from Bitcoin maximalists, who see XRP as a poorly grounded asset benefiting from speculative trading. While Bitcoin advocates criticize XRP’s rise, others argue that the token’s performance shows its potential.
Tony Edward, the host of Thinking Crypto, defended XRP, pointing out that it has consistently ranked among the top 10 cryptocurrencies for years. He dismissed claims of a rug pull, highlighting that Bitcoin itself experiences massive sell-offs during market corrections.
The cognitive dissonance is real. BTC maxis saying XRP is a rug pull when it has been in the top 10 for years and as if BTC whales don't dump at the blowoff top. But I guess this is how they cope when altcoins outperform Bitcoin. https://t.co/f10HrriQgI
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) December 2, 2024
Edward also accused Bitcoin maximalists of cognitive dissonance, suggesting they find it hard to accept when altcoins outperform Bitcoin. Notably, proponents believe that XRP’s rally is fueled by renewed confidence in the token as many expect a pro-crypto Trump administration.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
