Max Keiser, a prominent Bitcoin advocate and host of the Keiser Report, has predicted a massive price drop for XRP, the fifth-largest cryptocurrency by market cap. He also bashed Solana, Cardano, and other altcoins as centralized and worthless.
Max Keiser, a well-known Bitcoin supporter and host of the Keiser Report, has taken a swipe at XRP, the native token of the Ripple network. In a recent tweet, he called XRP “centralized garbage” and said that it is “going to $0.01.”
This is not the first time Keiser has made a bearish prediction about an altcoin. In January 2023, he also expected Solana (SOL), a fast-growing blockchain platform, to crash. He was right, as SOL dropped by 15% in a matter of hours, from $110 to $96.
Keiser is a staunch believer in Bitcoin’s supremacy and dominance over all other cryptocurrencies and assets. He thinks that Bitcoin is the only decentralized and censorship-resistant form of money that can challenge the existing financial system. He often criticizes altcoins as centralized, insecure, and inferior to Bitcoin.
Keiser slams XRP and other altcoins
Keiser’s negative outlook on XRP is unsurprising, given his history of bashing the project and its supporters. In the summer of 2023, he commented on a tweet by John Deaton, a Ripple advocate and founder of Crypto-Law.US, a website that covers the legal aspects of the crypto industry.
Deaton’s tweet was about the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC), which accuses Ripple of selling XRP as an unregistered security. Keiser argued that XRP is indeed a security and that the SEC’s action proves its centralization. He contrasted XRP with Bitcoin, which he claimed is completely and “uniquely” out of regulators’ reach.
Keiser also frequently targets other popular altcoins, such as Cardano (ADA), Solana (SOL), and Shiba Inu (SHIB), as securities and scams. He accuses the founders of these projects, such as Charles Hoskinson and Anatoly Yakovenko, of being fraudsters and charlatans.
XRP price struggles amid market volatility
Keiser’s prediction of XRP’s demise comes when the cryptocurrency market is experiencing high volatility and uncertainty. Since last Thursday, XRP has lost more than 11% of its value, following Bitcoin’s sharp decline.
XRP initially surged on the news of the SEC’s approval of two spot Bitcoin ETFs, which boosted sentiment and demand for cryptocurrencies.
However, Bitcoin soon reversed its course and dragged down the rest of the market, including Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), and other top cryptocurrencies.
On Friday, XRP saw three consecutive red candles, pushing it down by nearly 5% to $0.52288. As of now, the coin has recovered slightly and is trading at $0.54583. However, it is still far from its all-time high of $3.84, which it reached in January 2018.
Keiser remains bullish on Bitcoin
Despite his pessimism on XRP and other altcoins, Keiser remains bullish on Bitcoin and its long-term prospects. He has been tweeting about Bitcoin’s potential to reach $220,000, a scenario he predicted earlier. He believes that Bitcoin is “full speed ahead” and that nothing can stop its ascent.
Keiser is not alone in his optimism for Bitcoin. Many analysts and experts have also expressed their confidence in Bitcoin’s future, citing its growing adoption, innovation, and resilience.
Some factors that could drive Bitcoin’s price higher include the launch of more Bitcoin ETFs, the increase of institutional and retail demand, and the scarcity of its supply.
