- Analyst emphasizes XRP’s need to prove utility and value amid legal issues.
- Altcoins like Polkadot and Tron face scrutiny, urged to demonstrate performance and value.
- Armstrong warns investors, stressing the importance of tangible progress for altcoins’ success.
In a YouTube video labeled “Warnings DO NOT BUY XRP: Crypto Investor Warning on 14 Altcoins,” Ben Armstrong, founder of BitBoy, discussed challenges faced by various altcoins, labeling them as “prove it coins.” According to him, these cryptocurrencies must offer significant evidence to substantiate their promises and potential.
The video began with a critical evaluation of XRP, acknowledging its past legal issues, including SEC’s labeling as a security, that has hindered its price performance. The analyst underscored the imperative for XRP to showcase its value in the prevailing bullish market, aiming to restore investor trust. Presently, XRP is in the trading realm at $0.6345, signifying a 2.79% upturn in the past 24 hours, as per the most recent updates.
Subsequently, Armstrong shared insights on Polkadot, highlighting its delayed launch of promised pair chains. Tron is scrutinized for its heavy reliance on stablecoins and susceptibility to price manipulation. Furthermore, Cosmos, despite boasting impressive technology, is criticized for underperformance. The host sets a challenge for these projects, emphasizing the importance of showcasing their value by the end of the bull run.
Further into the video, attention turns to other altcoins. VeChain, positioned as a potential leader in the supply chain tracking industry, is urged to solidify its position and showcase the widespread use of blockchain technology. Multiverse X, formerly known as Alon and VD, faces criticism for numerous rebrands and a perceived lack of direction.
Phantom, described as a mediocre layer one platform, is encouraged to differentiate itself from the influence of Andre Cronje, creator of the Yearn Finance protocol, and develop unique features. The speaker expressed uncertainty about the future of Lota, a top performer in 2017, citing identity issues and major changes as potential obstacles to a comeback.
Optimism is expressed for VeChain and Sandbox, with expectations that these projects will prove to be decent performers in the current bull run. However, skepticism surrounds XRP, Neo, EOS, and Tesla, as they have demonstrated little price action or utility beyond their current status. At press time, Neo’s price is quoted at $14.15 while EOS is trading at $0.8895. Concurrently, Tesla is valued at $0.00022364, showcasing an 8.9% plummet over the last 24 hours.
Ben Armstrong’s video presents a cautious outlook on the future performance of these 14 altcoins, emphasizing the importance of tangible progress and utility to survive and thrive in the dynamic cryptocurrency market. Investors are advised to carefully assess each project’s ability to deliver on its promises before making decisions in this volatile landscape.
