Analyst Questions XRP's Trading Potential, as Rumors of Twitter/XRP Integration Debunk

Rumors of XRP integration with X payments debunked, analysts see Dogecoin as more likely candidate despite stagnant XRP price.
Analyst Questions XRP's Trading Potential, as Rumors of Twitter/XRP Integration Debunk

Key Insights

  • There were recent rumours of Twitter integrating XRP payments, which have now been proven to be false.

  • This speculation was started by a strange transaction labelled "Musk", which was spotted on the XRP ledger.

  • XRP's price has been stagnant since 2018 and recently failed to break out above $0.66.

  • Because of this, analyst Josh Olszewicz calls XRP "dead money".

  • Overall, Dogecoin seems more likely than XRP for future integration with X payments.

The Twitter (X) integration with crypto payments has been the subject of massive speculation for a long time now.

Very recently, X announced the upcoming launch of a new payment system via a blog post.

However, to the disappointment of the crypto community, there has been no mention of crypto-based payments by X since the announcement—not with Bitcoin, Dogecoin or any other cryptocurrency.

Very recently though, massive speculation swept through Twitter about XRP being a likely candidate for this X-Payments integration.

But according to recent reports, crypto—much less XRP—is still a long way off.

Why Is the Speculation About XRP?

Very recently, a transaction labelled “Musk” was spotted on the XRP ledger.

As expected, the crypto community launched a wave of speculation about whether or not Musk and X were working on an XRP payment integration.

<div class="paragraphs"><p>Dashed hopes of XRP/X payments</p></div>

Dashed hopes of XRP/X payments

Vet, a validator on the XRPL took to Twitter right after that, to put a pin in the speculation.

It turns out that literally “anyone” can label their account as “Musk”, and send XRP from one point to another.

Moreover, a label like this doesn’t count as enough evidence to suggest any endorsement by Elon Musk.

Realistically, How Soon Will We See Crypto Integration?

The hype around crypto and X has been active since the start of the year, after the announcement of the upcoming X-Payments platform.

So far, according to the Nationwide Multistate Licensing System website, the X Payments platform has obtained licenses in about 25 US states, suggesting that a launch might be here already.

However, while the issue of a crypto integration remains unclear, Dogecoin, which has often been associated with Musk seems like the most probable candidate than XRP.

Musk has reportedly instructed the developers at X to build X payments in such a way that crypto functionality can be added in the future.

However, at the same time, recall that he also told Ark Invest CEO, Cathie Wood in December 2023, that he spends “hardly any time” thinking about crypto.

Analyst Bashes XRP

To add insult to injury, crypto analyst Josh Olszewicz in a recent YouTube video, has voiced out his disappointment with the "stagnant" performance of XRP since 2018.

In the video, Olszewicz referred to XRP as “dead money”, after the cryptocurrency made a failed breakout attempt from $0.66 on 11 March.

Since then, XRP dropped below the $0.42 support and has been struggling to make its way further upwards from here.

<div class="paragraphs"><p>XRP’s price action</p></div>

XRP’s price action

At the time of writing, XRP has travelled upwards somewhat and currently trades at around $0.516.

However, it has been unable to retake the crucial $0.66 zone, leading to a bearish sentiment from investors and analysts.

Overall, Olszewicz believes that XRP's price is likely to remain under $0.66 because it lacks sufficient catalysts that make it attractive to investors.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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