Joshua Jake, the co-founder of OmniSwapAi, boldly warns crypto market participants to distance themselves from XRP, the seventh biggest crypto, describing it as trash.
In a recent post on X, Jake stirred emotions by branding XRP as a worthless crypto to hold. The commentary quickly attracted significant reactions, particularly from passionate holders who felt targeted.
$XRP is trash, Stop holding it.
— Joshua Jake (@itzjoshuajake) July 10, 2024
Community Reacts
Some accused Jake of being financed by the Bitcoin maximalists to disparage XRP. Others claim he lacks proper education about XRP and urge him to buy Ethereum and leave XRP.
Conversely, many other commenters praised Jake’s perspective on XRP. X user Cannoli Papi remarked that he wishes crypto enthusiasts would someday come to realize XRP is “trash” and not worthy of holding, as Jake suggested.
Another commented that liquidating his XRP holdings for other assets was among his best crypto investment decisions ever.
Why the Calls to Divest from XRP
These negative commentaries about XRP stemmed from its protracted underperformance in the crypto market. Among the top-ranking cryptocurrencies, XRP alone missed out on the 2021 buoyant market by falling to set a new all-time high.
So far, there have been no signs that XRP would change the narrative in this cycle beyond the optimism of ambitious proponents. For instance, XRP posts negative returns across major timeframes. Specifically, the asset is down by 28% in the last 90 days and shoulders a staggering 30.21% loss on a year-to-date scale.
While the recent market downturn aggravated these losses, XRP failed to perform commendably when the broader market was in a frenzy in Q1 2024 and Q4 2023. Among the top 100 ranking crypto assets, XRP is behind 82 in yearly price performance.
Considering these statistics, community pundits like Jake continue to discourage market participants from investing in XRP. In his view, being an XRP maxi means having no desire for wealth.
He voiced this view in Q1 when Bitcoin, Ethereum, BNB, and Solana all posted above 30% gains, while XRP saw only 3% under the same time frame.
If you are an $XRP maxi you just like being poor… pic.twitter.com/NDYrWjQ3v7
— Joshua Jake (@itzjoshuajake) February 26, 2024
Jake’s most ambitious outlook for this cycle is $1.9, the value it peaked in the last bull run. On the other hand, ambitious XRP analysts have proposed the likelihood of XRP attaining $27 is based on its 2017 pattern.