XRP is facing one of its most significant backlashes in history amid claims of Ripple Labs’ sabotage of Bitcoin in the past. Despite these claims, XRP maintains resilience in its price outlook amid ongoing crypto market consolidation. Per data from CoinMarketCap, XRP was changing hands for $3.11, down by 2.48% in the past 24 hours.
Can XRP survive FUD?
The backlash against XRP started when popular Bitcoin investors flagged Ripple Labs for sabotaging the coin’s national reserve efforts. Bitcoin proponents gave different reasons why the blockchain payments firm did not mean well for BTC, especially in its early days.
One of the major campaigns spotlighted is the Greenpeace initiative sponsored by Ripple Labs. According to Tuur Demeester, the company made this move to demonize Bitcoin as an environmentally unfriendly protocol.
Beyond this, many believe Ripple lobbied lawmakers to establish Central Bank Digital Currency ( CBDC ) to protect its "surveillance technologies." Among the Bitcoin proponents who have lent a voice to the campaign are Samson Mow and Jack Mallers.
Despite this, XRP’s growth has not completely deviated from the general market trend. While the coin is down by 2.48%, top rivals like Ethereum (ETH) and Solana (SOL) have lost 3.37% and 5.87%, respectively.
Retail and whale XRP investors stepping up
Amid the backlash, retail investors and whale holders are stepping up to back the market outlook of the coin. Data from CoinMarketCap shows a 40% drawdown in the daily trading volume, which is now pegged at more than $5 billion.
However, on a relative basis, this volume has far outpaced some of its rivals, just like the price action. Over the past few weeks, XRP whales have helped push the price to a new level. Notably, these whales have contributed to the surge in $1 million transactions spotted on-chain earlier this month.
Overall, the price of XRP is likely to sustain its generally bullish outlook amid soaring open interest data.
