According to Ripple CTO David Schwartz, the sluggish performance of XRP and other major cryptocurrencies is due to uncertainty about the future of crypto.
Using Google in 2000 as an example, Schwartz compares how people may have been skeptical about how the search engine would generate billions of dollars of new wealth in the future, but many became believers and made millions. Crypto is currently in the same position, according to him.
The market is still trying to figure out whether crypto is going to be the next big thing, so prices often fluctuate in tandem as investor sentiment waxes and wanes.
Consequently, crypto’s mass adoption could be successful if the industry offers real use cases and a sufficient level of scalability to convince people about crypto’s potential.
Schwartz emphasizes that this is just his opinion, which is not backed up by facts or data. Hence, one may disagree with him.
Since early 2020, the XRP price has fallen by more than 90% from its record peak. The SEC v. Ripple lawsuit remains a major headwind for the popular cryptocurrency.