thecryptobasic.com
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.