The lackluster performance of XRP and other significant cryptocurrencies, according to Ripple CTO David Schwartz, is a result of skepticism about whether cryptocurrencies will truly be the next big thing.
Schwartz used Google in 2000 as an example of how individuals may have been dubious about the search engine’s ability to create billions of dollars worth of new wealth at the time. Still, some became real believers and made millions. He thinks that right now, the situation with cryptocurrency is comparable.
Since investor mood fluctuates according to whether or not more individuals are persuaded of cryptocurrency’s future potential, prices frequently shift in tandem. Simply put, “the markets are still trying to figure out if crypto is going to be the next big thing.”
Thus, broad adoption of various crypto technologies may be successful if the industry can persuade consumers about crypto’s potential by presenting realistic use cases and a sufficient level of scalability.
However, Schwartz has emphasized that this is only his opinion and is not supported by any evidence. One is, therefore, free to disagree with him.
At the time of publication, the price of XRP has fallen by more than 90% from its all-time high, which was reached at the very beginning of 2020. The SEC v. Ripple lawsuit’s uncertainty continues to be a significant obstacle for the well-known cryptocurrency.