The Resilience of XRP: Community Loyalty Over Corporate Endeavors
In the ever-evolving world of cryptocurrency, XRP has emerged as a resilient entity, enduring the test of time not solely due to Ripple Labs’ influence, but significantly because of the unwavering dedication of its community. This steadfast group, often referred to as the XRP army, consists of long-term investors and passionate advocates who have navigated the token through numerous legal and market hurdles.
Exploring the Endurance of Ripple’s XRP
Ripple’s XRP has consistently sparked debates within the crypto sphere, primarily due to its association with Ripple and the fervent support from its community. A well-known crypto analyst, who goes by the pseudonym ‘Crypto Bitlord,’ recently shared insights on social media platform X, shedding light on why XRP has persisted despite its contentious history.
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Crypto Bitlord asserts that the survival of XRP can be attributed to the relentless backing of its community rather than the efforts of Ripple itself. He emphasizes that the XRP army’s consistent support has been pivotal in sustaining the cryptocurrency, especially during challenging periods. From 2013 to 2021, Ripple reportedly maintained its operations through the ongoing sale of tokens, a practice largely absorbed by retail investors, according to Crypto Bitlord.
The steadfast purchasing behavior of the XRP army not only ensured the token’s survival but also maintained market liquidity during turbulent times. Furthermore, the expert suggests that with the community’s unwavering support, XRP had the potential to surpass Ethereum (ETH) in terms of market capitalization, yet fell short due to Ripple’s alleged token dumping practices.
Crypto Bitlord’s comments were a response to a passionate statement by another community member, ‘BuryMeBig.’ The latter argued that Ripple appears indifferent to the XRP army’s contributions, despite the community’s crucial role during challenging phases, including the recent legal battle with the US Securities and Exchange Commission (SEC).
Many community members resonated with BuryMeBig’s viewpoint, acknowledging that Ripple has primarily functioned as a business and software entity, while XRP holders held different expectations, seeing the token as a potential life-changing investment.
Crypto Bitlord himself expressed frustration over XRP’s performance, revealing that he would entirely liquidate his holdings if the cryptocurrency falls back to $2. After a 12-year-long investment in XRP, he admitted to feeling disillusioned by the lack of substantial growth compared to other leading cryptocurrencies.
Technical Analysis: Short-Term Prospects for XRP
In related news, a crypto market analyst named Don shared a technical analysis on platform X, projecting potential short-term bullish targets for XRP. According to Don’s chart, XRP could rally to price levels of $4.45 and subsequently $5.48.
Don’s analysis highlights that XRP has been trading within a long-term ascending channel. Following a robust upward movement earlier this year, the altcoin entered a corrective phase characterized by a descending wedge pattern. Should XRP break out from this wedge pattern, it could resume its upward trajectory towards the channel’s upper resistance, in line with Don’s bullish short-term targets.
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