As a seasoned crypto analyst with over a decade of experience in the digital asset market, I find myself intrigued by Yassin Mobarak’s latest bullish stance on XRP. Having navigated through multiple bull and bear cycles, I can attest to the rollercoaster ride that crypto investments often entail.
Yassin Mobarak, the founder of Dizer Capital, has shared reasons why crypto enthusiasts might want to consider investing in XRP, despite its lackluster price performance up until now. He made this suggestion while also acknowledging that holding onto the crypto token can be challenging at present.
The XRP Rally Will Be Massive
Mobarak suggested in an X (formerly Twitter) post that XRP’s rally will be massive while stating that the crypto token is one that crypto investors do not want to be caught lacking exposure to when it skyrockets. Until when the parabolic rally occurs, the crypto analyst admitted that holding XRP can be “painful, boring, and utterly demoralizing.”
As an analyst, I must acknowledge that holding onto XRP has undeniably been a challenging experience for many investors this year. Despite the difficulties, XRP has yet to register any gains in 2021; however, the potential for positive change is on the horizon, with the crypto token currently exhibiting a modest year-to-date (YTD) loss of only 2%. The optimism surrounding XRP stems from last year’s ruling by Judge Analisa Torres, which deemed it not a security measure. This classification has sparked hope among investors that the token may soon experience significant growth.
Initial optimism among XRP investors was high following last year’s decision, expecting it to push XRP prices over $1. However, this didn’t materialize in the end. The latest judgment in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) rekindled expectations since many believed it could serve as a significant catalyst propelling XRP above the $1 mark.
However, that has again failed to happen so far, with XRP still struggling to break the $0.6 resistance. It remains to see if that could change when the broader crypto market, led by Bitcoin, picks up again following the current downtrend.
It’s worth noting that Mobarak confessed to having a complex feeling towards XRP, characterized by both affection and frustration. This is because the price performance of XRP has not been particularly impressive. Previously, this crypto analyst criticized Ripple for the lackluster growth of XRP, going as far as stating that the potential growth of XRP might never materialize, comparing it to an unfulfilled dream for its holders.
Better To Avoid Old Coins?
Mobarak’s latest optimistic commentary on XRP came after Raoul Pal, CEO of Real Vision crypto firm, issued a caution that it might be wiser to steer clear of older cryptocurrencies such as XRP. The founder recommended crypto investors not to overlook the ongoing bull market by focusing on coins like XRP, which originates from nearly two previous bull markets back.
The Real Vision CEO also had words for members of the XRP community, stating that they are doing themselves “a disservice by being in a cult.” He added that crypto natives are in the market to make money and not be in a cult. Meanwhile, Raoul Pal suggested that the only people likely to make money from a coin like XRP are those at the top, like Ripple’s CEO Brad Garlinghouse.
Currently, as I write this, XRP is hovering near the $0.6 mark, experiencing a rise over the past 24 hours, based on information from CoinMarketCap.
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2024-08-22 20:12