XRP, the cryptocurrency developed by Ripple, has experienced a remarkable surge in market value, increasing nearly fivefold since Forbes called it a “zombie” token earlier this year. In March 2024, Forbes published a critical report that dismissed XRP’s relevance and potential, labeling both the token and its parent company Ripple as “zombie projects.”

At the time of the publication, Forbes focused its criticisms on Ripple’s failure to meet its original goals of revolutionizing the global financial system with fast and low-cost money transfers for banks. The article also pointed out that Ripple had not made significant progress in competing with SWIFT, a global leader in interbank transfers. Despite these setbacks, Forbes claimed XRP had a high market capitalization of $36 billion and a daily trading volume driven more by speculation than real-world utility.

Forbes’ Harsh Criticism and Labeling of XRP

In its report, Forbes scrutinized Ripple’s history and its unfulfilled promises of disrupting traditional banking systems. The article highlighted that despite Ripple’s heavy focus on piloting programs with central banks, it had yet to make significant headway toward overtaking SWIFT, which processes over $5 trillion in daily transfers. Forbes further criticized Ripple for issuing 100 billion XRP tokens, some of which were sold to fund the company’s ambitious plans. The article argued that Ripple’s inability to meet its core objectives was evidence of a failing project, dubbing it a “crypto zombie.”

Moreover, Forbes’ report questioned the market value of XRP, despite its high daily trading volume. It described the token as a speculative asset with little practical application, while labeling the entire crypto sector as full of “functional zombies”—projects that were seen as inflated and without meaningful use cases.

XRP’s Market Value Explodes

Despite Forbes’ negative stance, the publication seems to have triggered the opposite effect. Since the article’s release, XRP has gone on an extraordinary upward trajectory, experiencing an almost 450% growth in the past 30 days alone. The token’s price, which had been trading around $0.60 at the time of the report, has now surged to $2.86. XRP has added more than $120 billion to its market capitalization, taking its total value to over $170 billion, surpassing its previous high.

This sudden price increase has caught the attention of investors and analysts alike. XRP’s impressive recovery has raised questions about the accuracy of Forbes’ critique, especially considering that 19 other cryptocurrencies named in the report have also experienced significant growth.

Ripple’s Resilience and Market Reaction

XRP’s resurgence is just the latest example of how crypto projects have defied harsh criticisms. In January 2024, another well-known critic, Jim Cramer, referred to XRP as a “giant con” asset, which led to a 40% gain in its price following his remarks. Since then, the token has increased nearly 9 times in value, further disproving the claims made by prominent figures in the financial world.

The crypto community, often vocal in its defense of undervalued projects, has ridiculed these criticisms, especially in light of XRP’s continued success. Ripple’s ability to thrive in the face of skepticism has only fueled its growing investor base and solidified its position in the broader cryptocurrency ecosystem.

What’s Next for XRP?

The future of XRP remains uncertain, as the cryptocurrency continues to experience volatility. However, its rapid price surge and the growing recognition of Ripple’s role in global financial services indicate that the project is far from being a “zombie.” Ripple’s involvement in numerous pilot projects and partnerships with financial institutions worldwide signals that XRP could play an increasingly important role in the future of digital payments.

With XRP continuing to perform well despite ongoing criticism, it’s clear that its potential cannot be easily dismissed. Whether or not the token can maintain this impressive growth will depend on its continued adoption and real-world use cases, but for now, XRP is proving its critics wrong and gaining momentum in the market.