Former Goldman Sachs Analyst Criticizes XRP and Cardano as ‘Cult Meme Coins’
- Ripple and Cardano occupy significant positions in the crypto space.
- Not all experts hold them in high regard; some even view them as ‘useless’ projects.
- Former Goldman Sachs analyst, Murad Mahmudov, has voiced strong criticisms against XRP and Cardano.
Discover the contentious viewpoints surrounding Ripple and Cardano, as prominent analysts weigh in on their potential and place in the crypto world.
Former Goldman Sachs Analyst Labels XRP and Cardano as “Cult Meme Coins”
Murad Mahmudov, a former analyst at Goldman Sachs, recently critiqued Ripple’s XRP and Cardano, categorizing them as “cult meme coins.” According to Mahmudov, the current market cycle could be the period where investors finally recognize the supposed shortcomings of these altcoin projects.
Mahmudov’s Stance on Emerging Meme Coins
In a discussion last week, Mahmudov offered advice for investors interested in the burgeoning meme coin market. He suggested focusing on projects with market capitalizations between $5 million and $200 million, asserting that altcoins could potentially outperform all other crypto sectors in this cycle. Despite this, Mahmudov expressed skepticism about a significant altcoin season due to the depletion of household savings in the United States.
Ripple and Cardano: A Long Way Down from Their Peaks
Both Ripple’s XRP and Cardano (ADA) have experienced dramatic downturns from their all-time highs. XRP, once a top performer during the 2017 bull run, remains 87% below its January 2018 peak despite some regulatory clarity achieved last year. Similarly, Cardano’s ADA has plummeted 87.8% from its record high in September 2021.
Wall Street Analyst Envisions Ripple’s Role in New Financial System
In a different perspective, Wall Street analyst Linda Jones discussed Ripple’s potential role in a future financial landscape. On a recent Good Morning Podcast episode, Jones likened Ripple’s possible influence to that of the Federal Reserve within an evolving financial system. She highlighted the BRICS coalition’s efforts to move away from the dollar standard, emphasizing that this initiative is not against the United States but rather against the dominance of central banks and single-currency control.
Jones suggested that a new U.S. currency, possibly backed by gold or other assets, could emerge. She advocated for a transition from a fiat banking system to a more transparent, asset-backed financial system. Jones maintained that this shift would not be detrimental to the U.S., and she positioned Ripple, through its XRPL Ledger, at the forefront of this new system.
Conclusion
The opinions surrounding Ripple and Cardano underscore the diverse and often polarizing views within the crypto community. While some analysts, like Mahmudov, dismiss these altcoins as overhyped projects, others, like Jones, see them playing crucial roles in the future financial landscape. As the market continues to evolve, the true value and impact of these projects will become clearer, offering critical insights for investors and stakeholders alike.
