XRP has witnessed a remarkable fivefold increase in market value since Forbes branded it a “zombie” and “good-for-nothing” token in a scathing report eight months ago. This growth has taken place after Forbes published an article dismissing the relevance of XRP and Ripple in the broader financial space. At the time of the report’s release in March, XRP’s market value was considerably lower, but it has since surged by over 400%.
Forbes Criticized Ripple and XRP, Labeling Them “Zombie Projects”
Forbes’ article focused on the challenges faced by cryptocurrency projects, particularly those with billion-dollar valuations like XRP. The publication questioned the future of XRP and Ripple, noting their limited progress in comparison to Bitcoin’s resurgence. Forbes highlighted Ripple’s original aim to create a transformative global financial standard for banks, but suggested that, a decade later, little progress had been made, with only limited pilot programs operating with central banks.
The article also claimed Ripple’s leadership had created 100 billion XRP tokens, selling $1.4 billion to fund its plans. Despite Forbes’ harsh critique, XRP continued to hold a market capitalization of $36 billion at the time, making it the sixth most valuable cryptocurrency. However, Forbes downplayed the real-world utility of XRP, suggesting that its high trading volume was more a result of speculation than actual use.
Forbes went further, categorizing XRP alongside other blockchain projects as “functional zombies” and dismissing their worth. Despite these strong negative assertions, Forbes’ attempts to draw attention away from these cryptocurrencies appeared to have the opposite effect, as investor interest only grew.
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XRP’s Price Soars Following Forbes’ Negative Report
When Forbes published the article, XRP’s price was approximately $0.60, with a market cap of $36 billion. However, the price quickly fell by 37% in the months following the release. Yet, in a surprising turn, XRP has bounced back dramatically. Over the past few months, the cryptocurrency’s market cap has increased by over $120 billion. XRP’s price has soared to $2.86, marking a 450% increase in just 30 days.
This rise in price has mirrored the success of 19 other tokens also criticized in Forbes’ report, all of which have seen significant gains. This has led to widespread criticism of Forbes, with many pointing out that its negative coverage did not impede the progress of these cryptocurrencies.
XRP Defies Critics, Demonstrating Resilience and Growth
The market’s rapid shift has drawn attention to the resilience of XRP, which has proven its critics wrong. XRP’s price has nearly increased ninefold since it was labeled a “giant con” by Jim Cramer in January of the previous year. As the market continues to grow, XRP’s impressive comeback serves as a testament to the cryptocurrency’s strength, despite negative narratives from the media and financial commentators.
