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Bitcoin

Bitcoin Proponent Sees ‘Centralized Garbage’ XRP Crashing To $0.01 – Will It?

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Max Keiser, the flamboyant advocate for Bitcoin, has once again taken center stage, directing his critique at Ripple’s XRP in a recent Twitter rant. Labeling XRP as “centralized garbage,” Keiser boldly predicted a plunge in its price to a mere one cent.

Unsurprisingly, Keiser’s followers, accustomed to his unwavering support for Bitcoin and skepticism towards alternative coins, nodded in agreement. Keiser perceives XRP’s centralized structure as a fundamental flaw, drawing sharp contrasts with the decentralized architecture of Bitcoin. He even went as far as insinuating ulterior motives, hinting that the creators of XRP might be involved in questionable activities.

Related Reading: Cathie Wood Doubles Down: Bitcoin Is King Of Security

Is Keiser Right About His Prediction?

However, is Keiser’s crystal ball truly clear? XRP did experience a recent dip, echoing a broader market correction triggered by Bitcoin’s post-ETF approval downturn. Despite the initial setback, XRP has displayed resilience, maintaining a position around $0.55. While significant liquidations did occur, their timing appears to align more with general market volatility rather than Keiser’s dramatic pronouncements.

Centralized garbage going to $0.01 pic.twitter.com/mDQ0PPBgWi

— Max Keiser (@maxkeiser) January 19, 2024

Even Keiser’s beloved Bitcoin has not emerged unscathed. Though not suffering the same dramatic fall as XRP, Bitcoin has seen a roughly 16% decrease since its peak post-ETF approval. Nevertheless, Keiser remains resolute in his prediction of a future $220,000 price for Bitcoin.

XRP is currently trading at $0.5515. Chart: TradingView.com

Financial analysts caution against taking Keiser’s predictions at face value. Known for his staunch Bitcoin-centric views, Keiser often oversimplifies the intricacies of other projects. XRP’s future is influenced by more than just allegations of centralization.

The ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding its security classification plays a pivotal role in shaping its trajectory. Technical and fundamental factors contribute to the complex valuation of XRP, challenging the simplicity of Keiser’s “garbage” label.

XRP price action in the last week. Source: Coingecko

Bitcoin And XRP: Diversification As A Strategy

So, does one need to follow Keiser’s fervent call and divest from XRP? Not necessarily. The realm of cryptocurrency investment is an unpredictable journey, and bold predictions, particularly from biased sources, demand a healthy dose of skepticism.

Related Reading: Bitcoin Booms: Hash Rate Records Shattered, Bullish Signal Unleashed

Instead, investors are encouraged to diversify their portfolios, conduct comprehensive research, and bear in mind that even the most vociferous Bitcoin advocates might miss the mark when it comes to the fortunes of alternative coins.

In the tumultuous realm of cryptocurrencies, the fate of Ripple’s XRP teeters on the edge following Max Keiser’s stark prediction. Labeling it ‘centralized garbage’ and foreseeing a crash to $0.01, the debate over XRP’s future intensifies.

Whether Keiser’s forecast holds true or XRP defies expectations remains uncertain, highlighting the inherent unpredictability of the cryptocurrency landscape. Only time will unveil the true course of XRP amidst the ever-shifting dynamics of the digital asset realm.

Featured image from Pexels

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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