Despite the obvious recovery in the price of XRP, a market analyst has labeled it “hot garbage.”
After a period of discouraging price movements, XRP is on track to secure a positive weekly close. The coin is changing hands on spot markets for $0.522, up 1.73% in the past 24 hours.
XRP’s market capitalization has also jumped by 1.7% to $28,385,140,686. However, its trading volume is yet to catch up as it is down 3.48% to $851,600,755.
Despite this obvious recovery, the disdain for XRP could not be hidden by Raffay Alvi, crypto educator, analyst and host of The Crypto Network. In what appears as a pent-up criticism of the coin, Alvi said XRP will always be hot garbage.
Bitcoin won’t go to $100,000 anytime soon.$XRP is hot garbage and will always be. $ICP is developing but it won’t ever 100X$Doge will never go to $5 $PEPE won’t ever go to $1$LCX made people money. But I still won’t invest in it. $ADA isn’t going to go to $20$ETH…
— The Crypto Network (@raffayalvi) February 7, 2024
Not an Unusual Criticism
XRP is one of the most criticized crypto projects in the industry at the moment with even members of its community constantly slamming its relatively stunted growth trends.
One of the primary sources of rancor is the actual status of the coin. While Bitcoin (BTC) is loosely regarded as a non-security by some officials of the United States Securities and Exchange Commission (SEC), the status of XRP as a non-security had to be resolved through a lengthy legal battle.
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While it remains unclear what the basis for the latest ‘hot garbage’ comment from Alvi was, XRP has modestly stayed resilient in its price run since the start of the year.
Despite breaking down from its 3-year consolidation path earlier this week, the swift resurgence is proof the coin has a committed user base and investors who may have a different opinion from the analyst’s perspective.
Jab at Other Coins
While the criticism of XRP was the most profound, Alvi also took a jab at other coins like Bitcoin and Dogecoin (DOGE).
He noted that Bitcoin is not likely to touch the $100,000 price mark anytime soon, a disposition that directly goes against the forecasts from other top industry analysts.
He also noted that Dogecoin will not go to $5, while also bursting the bubble in the hearts of Ethereum proponents, as he noted that the coin will not soar flip Bitcoin anytime soon.