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 notes how individuals may have been dubious about how the search engine would create billions of dollars' worth of new riches in 2000, but some became true believers and made millions of dollars. He thinks that the current state of cryptocurrency is comparable.
As a result, prices frequently move in tandem as investor mood fluctuates based on whether or not more individuals are sold on the future potential of cryptocurrencies. In other words, "the markets are still attempting to determine whether crypto will be the next big thing."
Therefore, if the industry can persuade consumers about crypto's potential by providing practical use cases and a sufficient level of scalability, mass adoption of various crypto technologies may be successful.
Schwartz has however emphasized that this is just his own view and is not supported by any evidence. So, it's acceptable 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 in the very beginning of 2020. The SEC v. Ripple lawsuit's uncertainty continues to be a significant obstacle for the well-known cryptocurrency.
