Former Goldman Sachs analyst Murad Mahmudov recently questioned the future viability of two major altcoins, XRP and Cardano (ADA), sparking intense debate.
Mahmudov’s criticism casts doubt on the long-term sustainability of these cryptocurrencies, suggesting that they may not possess the fundamental stability often touted by their supporters. He likened XRP and ADA to “cult meme coins,” implying that their valuation depends more on community sentiment than their actual value.
These remarks come against the backdrop of a broader market downturn, with XRP trading well below its historical peak.
Mahmudov expressed cautious optimism for the broader altcoin market, but remains skeptical specifically about XRP and ADA. He predicted that altcoins as a whole could perform quite well in the current cycle, noting their historical role in fostering innovation and adoption in the digital asset landscape.
Read more:
Cryptocurrency Investors Missed Out on $35,000 in Meme Token Profits
However, Mahmudov tempered this outlook with concerns about potential economic obstacles, such as reduced savings levels among American households, which could limit future investment flows into cryptocurrencies and potentially dampen expected altcoin dominance.
Earlier technical analyses had hinted at the possibility of a significant price increase for XRP, reminiscent of its explosive growth in 2017 when it surged by 70,000%.
