Crypto Expert Claims XRP Price Suppression
A prominent crypto expert, Jerry Hall, has voiced his opinion that the price of XRP has been deliberately suppressed for several years. Hall became suspicious when he noticed that Ripple, the company behind XRP, was consistently selling tokens into the market on a monthly basis. In his view, this practice indicates that Ripple and XRP holders have different goals, as the company benefits financially while investors suffer.
Hall’s assertion was prompted by a poll conducted by Jungle, another influential figure in the community. The majority of respondents (82.9%) agreed that XRP’s price is being manipulated or suppressed. However, Jungle himself disagreed with this assessment, citing the token’s historically high value despite negative factors such as Ripple’s ongoing legal battle with the SEC.
Is Hall’s Assumption Correct?
Hall based his belief on the assumption that Ripple sells XRP tokens directly into the market. However, another user pointed out that Ripple’s sales are not programmatic but instead made to users of Ripple Payments. These sales reportedly do not impact prices on crypto exchanges directly. In light of this information, Hall questioned why XRP’s price has remained stagnant.
Jungle offered a different perspective, arguing that XRP is still valuable and ranked highly among cryptocurrencies apart from Bitcoin, Ethereum, and BNB. He attributed the stagnant price action to the SEC lawsuit and the rise of DeFi platforms on Ethereum, which diminished XRP’s use case for payments.
Hot Take: Uncertainty Surrounds XRP Price Manipulation Allegations
The debate over whether or not XRP’s price is purposefully suppressed continues to divide experts and enthusiasts alike. While Jerry Hall believes there is evidence to support this claim, others like Jungle dismiss it as mere speculation. The true nature of Ripple’s token sales and their impact on XRP’s value remains unclear. Nevertheless, the ongoing legal battle with the SEC and the changing landscape of the crypto industry undoubtedly contribute to the uncertainty surrounding XRP’s future.
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