A top XRP community figure drew a parallel between the current public skepticism surrounding XRP and the backlash Tesla faced in its early days.
Over the years, XRP has faced widespread criticism, with detractors questioning its underlying technology, large token supply, and Ripple’s substantial escrow holdings.
Some critics argue that XRP is centralized due to its close association with Ripple, while others claim that the token’s price is being deliberately suppressed to allow institutional investors to accumulate XRP at discounted levels.
Elon Musk’s electric vehicle company, Tesla, was on the verge of bankruptcy on multiple occasions, with critics doubting whether it would ever achieve a profit. Moreover, critics also mocked the company’s delay in rolling out Tesla’s early models, such as the Roadster and Model S.
Analysts also questioned Tesla’s ability to compete with established automakers that were already mass-producing electric vehicles. Over time, Tesla proved its critics wrong and eventually became the world’s most popular electric car manufacturer.
Today, Tesla’s stock boasts a market capitalization of about $1.43 trillion — a staggering 107,418% increase from its $1.33 billion valuation recorded on July 1, 2010, just a month after its IPO.
XRP to Silence Critics
Just as Tesla faced intense criticism in its early days but eventually proved its critics wrong, Mickle believes XRP, currently mired in negative sentiment, could ultimately silence skeptics as its use case, particularly in payments, matures.
In the meantime, XRP is recovering from the recent market onslaught, with the token currently up 4.15% over the past 24 hours to $2.34. At the current price, XRP is valued at $139.34 billion, ranking it as the fourth-largest token globally.
