The Ripple’s cryptocurrency XRP has been the major center of criticism for many cryptocurrency enthusiasts, due to the lackluster performance it has been displaying since the beginning of the year.
However, to the amazement many XRP pessimists, the digital token recently experienced an independent price uptrend to test above $0.2 resistance level, with a 10.27% price uptrend in the last 24 hours.
Why XRP Lingers At Prices below $0.2
A few hours ago, a user tasked the CTO at Ripple, David Schwartz, to clarify how it is fair and reasonable for the digital token XRP to stay below $0.2 resistance level.
“Hey David Schwartz — do you really think the 0.1985 XRP price is fair and reasonable?” the user asked.
Responding to the user’s question, David Schwartz wrote:
“I honestly believe (crazy as it sounds) that cryptocurrency prices generally do reflect the wisdom of crowds and a fair assessment of the expected future. I am way in the minority on this view and of course I could well be wrong. But that’s what I truly believe.”
I honestly believe (crazy as it sounds) that cryptocurrency prices generally do reflect the wisdom of crowds and a fair assessment of the expected future. I am way in the minority on this view and of course I could well be wrong. But that's what I truly believe.
— David Schwartz (@JoelKatz) July 8, 2020
Another supposed crypto enthusiast, identified on Twitter as Jimmy Quick asserted that “The fair assessment isn’t always the actual price unfortunately where a fair market is not in always available.”
In response to Jimmy Quick’s assertion, Ripple CTO stated that his argument rests on the fact that the crypto market spreads over a large number of exchanges:
Then it comes down to just how fair the market is. My argument is that the cryptocurrency market is mostly fair (in this sense) because it’s spread over a large number of exchanges, open to the majority of wealth in the word, and participation isn’t artificially limited. Of course, as I say this, cryptocurrencies seem to be shooting up for no particular reason. So there’s that.
Projects with Zero Fundamentals Are Outperforming XRP
An XRP researcher also asked David Schwartz of how fair it is for some projects with zero solutions to real-world problems or fundamentals to outperform the digital token XRP.
“David Schwartz, do you think its fair that projects that are not solving a real-world problem or have 0 fundamentals are outperforming XRP?” XRP Researcher asked.
David Schwartz responded:
I truly think the market isn’t ready to figure out which projects will be successful and which won’t and is still trying to figure out whether cryptocurrencies are a big deal or a bad idea. Like in the early days of search engines when some people thought search engines would be big and valuable, but nobody could have guessed whether the big winner would be google, excite, altavista, lycos, ask jeeves, or any of a dozen others.
If you worked at google then, you would have told all your friends about how search is the next big thing and your company is going to be the leader. But also if you had worked at any of those other companies.
Again, these are just my personal views. They’re not always what I want to believe and sometimes my intellect and my passion for my work aren’t in perfect alignment. I am rational enough to accept the possibility of failure while I work as hard and as smart as I can to succeed.