In Weisberger’s video, he criticized the massive hype around XRP, comparing its 100 billion token supply to Bitcoin, which has only 21 million maximum cap. The financial analyst described BTC as scarce “sound money” that has use cases globally. In his opinion, XRP is just a utility token that finds relevance only within Ripple’s ecosystem.
Therefore, XRP’s value is derived from transaction volume and fees, while Bitcoin’s is from scarcity.
On this premise, Weisberger is certain that the flagship cryptocurrency will continue to gain traction and appreciation. Fred Rispoli did not attempt to debunk any of the claims made by the analyst, even though he hinted at some discrepancies.
Not an unreasonable analysis at all here, though I quibble with some minor points. The bottom line to me is that $XRP must be used exponentially more than it is now to get the type of gains the Army is hoping for. Ripple is working on that and the pieces are tantalizingly close… https://t.co/YHTXniRk1k
Instead, he highlighted that XRP needs mainstream adoption across regions. He noted that the coin needs to be used more often to drive the kind of exponential gain that its community looks forward to.
Moreso, he claims that blockchain payment firm Ripple Labs has swung into action on this matter and that the “pieces are tantalizingly close to falling in place for that to happen.”
Catalysts of XRP Price Uptick
Meanwhile, XRP has recorded some uptick in price in the last few days. After struggling to push through $2.30, the coin finally hit $2.53 before retracting to its current level.
At the time of this writing, it was trading at $2.44, corresponding with a 1.39% dip over the last 24 hours. Its 24-hour trading volume is up 29.96% and resting at $6.09 billion.
Analysts have given their short-term price prediction on the coin, anticipating a rally in line with the bullish sentiment in the market.
It is worth noting that this prediction is hinged on a number of events. This includes the end of the longest US government shutdown in history, the revival of ETF momentum, and a $500 million investment for ecosystem expansion.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.