thecryptobasic.com
Macro investor and trader Jason Pizzino recently shared a sharp critique of XRP while disclosing what he believes could change the asset’s current discouraging trend.
Today, the price of XRP dropped by 3.62% to $0.5361, worsening its month-long performance, which now shows a 10% decline. Also, when looking at the yearly timeframe, XRP’s price action remains unimpressive compared to that of its close rivals.
The Hypothetical Path Through Which XRP Could Pump
Amid this, Pizzino questioned XRP’s ability to achieve significant price movements without a radical shift in its popular narrative.
Specifically, he suggested that XRP might need to embrace meme coin status to experience the kind of speculative price surges that have propelled other cryptocurrencies in recent times.
“If XRP changed from a fake financial coin to a full-fledged meme coin, it would have a chance of pumping,” Pizzino humorously tweeted.
The statement implies that XRP’s current positioning as a utility-driven token for the traditional financial market may be holding it back from gaining the explosive attention that meme coins have enjoyed.
For context, meme coins like Dogwifhat (WIF) and PEPE have been consistently among the best-performing crypto assets this year. They boast year-to-date returns of 1,525% and 641%, respectively. However, this was merely another attempt at a jab at XRP.
Despite this, the remarks highlight a trend in the crypto market where assets with little or no utility achieve massive price spikes due to community-driven hype and speculation. In contrast, utility-based assets would typically experience less comparable uptrends.
The situation is particularly challenging for XRP, which has consistently lagged during the periodic bull runs the market has witnessed since Q4 2023. Data from Coincodex shows that XRP is among the worst-performing top 100 crypto assets this year, trailing behind 78% of them.
XRP’s Mate ADA Also Urged to Become a Meme Coin
Notably, Pizzino’s criticism extends to Cardano (ADA), which, despite its utility, has a poor performance record compared to XRP.
He pointed out that ADA has struggled to keep up with Bitcoin’s gains, with the ADA/BTC trading pair hitting fresh lows. According to a chart shared by Pizzino, ADA has returned to price levels not seen since early 2020.
Pizzino believes ADA and XRP could become notable performers if they recalibrated into meme coins. Meanwhile, staunch enthusiasts maintain that these coins’ bullish days are ahead.
Nick! Don't do this to yourself! 😳
— Jason Pizzino 🌞 (@jasonpizzino) October 21, 2024