Over the last seven days, Ripple's XRP price has shown an increase that tends to fluctuate.
Based on data from coinmarketcap, when calculated as a whole, in the last week Ripple's XRP price has increased by 55.5%.
Ripple's XRP price increase performance is definitely a happy picture. However, some observers warn that Ripple's impressive XRP rally could fall as low as $0.60.
Key Takeaways
1. IncomeSharks warned its 576K followers that Ripple's XRP token may face a potential significant downturn.
2. IncomeSharks also delivered sharp criticism of XRP, calling it "the biggest joke of the last 10 years in the crypto world."
3. Members of the XRP community immediately denied the claims made by IncomeSharks.
XRP is one of the crypto assets that has the best performance in the crypto market, this is in line with its consistent growth.
Last Monday, the price of XRP was recorded to have jumped to a new highest level in the last seven years, namely above $2.81.
Despite the impressive increase and price movement of XRP, several experts, one of whom is IncomeSharks, warned that the XRP token could collapse below $0.60.
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IncomeSharks Explains the XRP Crash
In its latest post on
IncomeSharks noted that around 43% of the total coin supply is not yet in circulation, with Ripple still holding around 38.9 billion tokens in their escrow account.
"This community has strong reasons not to like XRP, considering its movements are too volatile," said the analyst.
Over 43% of the $XRP tokens are still not even circulating. Imagine if you were on Pump Fun and saw the developer owned 43% of supply. There's a reason this space collectively dislikes this token because it's always pumping and dumping. pic.twitter.com/n7wMvyU2nR
— IncomeSharks (@IncomeSharks) December 2, 2024
In the chart shared, IncomeSharks highlighted that the price of XRP had jumped from just a few cents in 2017 to a peak of $3.40 in January 2018, before experiencing a drastic decline a few months later.
A similar pattern was also seen during the 2020/2021 market cycle, especially amidst the lawsuit filed by the Securities and Exchange Commission against Ripple.
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Talking Data?
The graph provided by IncomeSharks indicates that the more than 430% surge that XRP has experienced since November could potentially end soon.
Analysts from IncomeSharks also project a significant price correction, from its recent high of around $3 to as low as 60 cents in the next few weeks.
If such a scenario actually occurs, XRP will experience a decline of almost 80% from its current price.
Source: X.com/IncomeSharks
IncomeSharks also delivered sharp criticism of XRP, calling it “the biggest joke of the last 10 years in the crypto world.”
IncomeSharks even added that after a 4x monthly price increase, many people tend to "pretend it's something legitimate."
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XRP Community's Strong Rebuttal
Members of the XRP community immediately refuted the claims made by IncomeSharks.
Moon Lambo, for example, warned that almost all crypto assets, including Bitcoin (BTC), experienced a period of euphoria followed by a price correction.
Therefore, this price behavior does not only apply to XRP.
Other XRP advocates also responded to IncomeSharks' criticism regarding the circulating supply of XRP.
Credible Crypto analysts assert that no meme coin has tokens locked in inaccessible escrow and released gradually over a long period of time.
He added that the crypto community generally already understands the supply dynamics of XRP, while IncomeSharks appears to be deliberately ignoring this fact in favor of an inaccurate narrative.
"The charts may look attractive if you only focus on the recent consolidation to support the 'endless dump' narrative, but if you look at the overall price history, the 110,000% upward movement in the last 7 years is a reality," said Credible Crypto.
"Now the next chapter has begun," he added.