Raoul Pal Backs Solana, Warns Against ‘Old Coins’ Like XRP & ADA

• Raoul Pal criticizes Cardano and XRP for losing their innovative edge, advising investors to avoid them.
• XRP and ADA have struggled in the market, with both facing significant resistance and declining in value.

Raoul Pal, a prominent economist, recently voiced concerns over the future of two major altcoins, Cardano (ADA) and Ripple’s XRP. In a Tuesday interview, Pal expressed doubts about the innovative edge of these digital assets, noting that they are losing ground to newer competitors in the crypto space.

🚨 MUST WATCH: RAOUL PAL STATES AVOID OLD COINS LIKE $XRP & $ADA !!💥

“I Just Feel Like You’re Being Done A Disservice Because You’re In A Cult.”😳

Raoul Pal’s statements about avoiding older coins like #XRP & #ADA suggest a belief that these projects may have lost their… pic.twitter.com/JwGGXs76Ai

— Good Morning Crypto (@AbsGMCrypto) August 20, 2024

Meanwhile, Cardano’s ADA has also faced challenges, recently dropping out of the top ten cryptocurrencies by market cap. ADA is currently trading around $0.3533, with a market cap of $12.6 billion. 

Controversy Grows Around Pal’s Warning on ADA and XRP

Raoul Pal’s recent comments only contribute to the increasing doubts about the legitimacy of ADA and XRP. He said that investors should avoid these altcoins because they lack innovation compared to the new projects coming up. Pal’s views have raised controversy within the crypto world, especially because both ADA and XRP are still performing badly in the current market. 

Adding to the criticism, analyst Max Prime labeled XRP as one of the biggest scams in the crypto space. However, due to Ripple’s recent legal victories, the price of XRP has not seen much increase, raising many questions about its future. Prime’s statements have only added more fuel to the fire regarding XRP’s future, especially given that the asset remains a contentious one in the market.

#XRP is literally the biggest scam in crypto

THEY WIN THE LAWSUIT AGAINST THE SEC
( paid very small fine )

And XRP DOESN’T MOVE
THESE XRP CLOWNS HAVE BEEN SAYING
ITS TO THE MOON AFTER LAWSUIT
AND GET NOTHING

HAHAHAHA SUCKERS pic.twitter.com/LR6sWtKtf5

— Max Prime (@MatrixPrime_) August 17, 2024

Yassin Mobarak, the founder of Dizercapital, also shared similar sentiments. According to Mobarak, XRP is a cryptocurrency that investors should not ignore when the bulls come out to play. He agreed that there is “pain, boredom, and demoralization” in staying long on XRP, but he insists that the longer-term gains make it worth it. 

Cardano Community Anticipates the Upcoming Chang Hard Fork

While such criticism is ongoing, the community of the Cardano token is looking forward to the Chang hard fork that is expected to be implemented on 27 th of August. This hard fork is expected to bring in a new community-driven governance model, something that has not been seen in the Cardano network. Charles Hoskinson, the CEO of Cardano, has been generating anticipation for the event and even invited Ripple CEO Brad Garlinghouse to the conversation to respond to Raoul Pal’s statements. 

So @bgarlinghouse, when are we going to the Secret Cult meetings? I never got the memo from Raoul https://t.co/Q9NBEoBcfs

— Charles Hoskinson (@IOHK_Charles) August 21, 2024

The final decision on the hard fork’s launch will be made by August 23, with the community watching closely. Last week, a crucial step was made when around 70% of Cardano’s stake pool operators upgraded to Node Version 9.1.0, preparing for the hard fork. This means that the successful integration of this upgrade is critical for the hard fork to happen seamlessly. Hoskinson has been rather vocal about this shift, saying that it will be a new era for Cardano, one where there will be more and more community-driven governance. 

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