Bitcoin maximalists and analysts have voiced concerns over the rapid rise of XRP, with some suggesting that a significant collapse is imminent, labeling it as the ‘mother of all rugpulls.’ Despite XRP’s impressive performance, critics argue that the rally is unsustainable and may indicate a pump-and-dump scheme. Prominent figures in the Bitcoin community, such as BitMan and Rajat Soni, have raised red flags about XRP’s price behavior, questioning its legitimacy and organic market activity.
BitMan pointed out XRP’s astronomical gain of 45,920% and recent surge, warning of a potential disastrous outcome. Similarly, Soni criticized XRP’s 435% rise since November 2, labeling it as unnatural and possibly a scam. However, their remarks have faced opposition from market commentator ‘Kaptain Kirk,’ who believes XRP’s recent uptrend is a correction after years of suppression by the SEC, returning to its natural price that had been artificially deflated by the lawsuit.
XRP supporters remain bullish amid the coin’s surge against Bitcoin, with the XRP/BTC pair experiencing significant gains in November and December. This performance has drawn criticism from Bitcoin maximalists, who view XRP as a speculative asset benefiting from irrational trading. Tony Edward, the host of Thinking Crypto, defended XRP’s position in the top 10 cryptocurrencies for years and dismissed claims of a rug pull, highlighting that even Bitcoin experiences sell-offs during market corrections. He also accused Bitcoin maximalists of cognitive dissonance for struggling to accept altcoins outperforming Bitcoin.
Despite the contrasting views within the cryptocurrency community, XRP’s rally continues, fueled by renewed confidence in the token as anticipation grows for a pro-crypto Trump administration. While Bitcoin maximalists raise doubts about XRP’s sustainability and legitimacy, proponents believe in the token’s potential and resilience. As the debate between Bitcoin advocates and XRP supporters intensifies, the market awaits to see if XRP can maintain its current trajectory or face a significant correction. Only time will tell whether XRP’s recent rally is a genuine reflection of market dynamics or a bubble waiting to burst.
