XRP is stealing the spotlight this week, beating top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) after a big update from Grayscale Investments. But not everyone is impressed. Popular crypto trader Sensei is betting against XRP, calling it a “shitcoin.” So, is XRP about to hit new highs, or is it just all hype?
XRP Soars While Analyst Calls It a ‘Shitcoin'
In a recent tweet, popular crypto analyst Sensei questioned XRP's future, pointing out that its market dominance has dropped from 32% to just 1.5% over the past seven years. Sensei believes that XRP will likely miss out on any upcoming bull run, highlighting Bitcoin's better performance as evidence.
Sensei also challenged the logic behind investing in XRP, asking why anyone would still buy this “useless shitcoin.”
However, it's important to remember that skepticism about XRP is not new. Back in 2016-2017, XRP faced similar doubts but eventually proved critics wrong with a massive rally. The token surged an incredible 110,233% from its January 2017 low to its all-time high in January 2018, showing that XRP has the potential to surprise once again.
XRP's Big Week
Perhaps the recent rally in XRP's price follows the launch of Grayscale Investments' XRP Trust, a development that comes after the Ripple vs. SEC lawsuit concluded. This trust marks the first step in Grayscale's plan to introduce an XRP ETF, a move that analysts believe could drive substantial capital influx and potentially boost XRP's price.
As, XRP surged to $0.588, hitting a high not seen in three weeks. Despite a slight retrace to $0.5820, the token showed resilience still up by 3.4% with a market cap of $32.8 billion.
