Jungle Inc. Survey Reveals Belief in XRP Price Manipulation
In a recent survey conducted by pro-XRP crypto vlogger “Jungle Inc.,” the community shared its views on the widespread belief that XRP’s price is manipulated. The survey saw participation from thousands of individuals, with an overwhelming majority asserting that the price of XRP is indeed subject to manipulation.
Jerry Hall’s Perspective on XRP Price Suppression
Prominent crypto YouTuber Jerry Hall, a figure in the XRP community, expressed his belief in XRP’s price suppression. He pointed to Ripple’s monthly market sales as evidence, suggesting that these sales were strategically orchestrated to finance Ripple’s operations.
Hall argues that these sales serve two purposes: funding Ripple’s operations while leaving XRP holders without corresponding support. He stated, “Bag holders are financing Ripple while Ripple is not financing bag holders.”
Counter-Narrative and Historical Value Stability
The argument surrounding XRP’s alleged suppression has been ongoing within the community. However, Jungle Inc., the creator of the survey, presents a counter-narrative. They question the characterization of XRP as “suppressed” and highlight its current valuation, which is nearly double that of competing projects like Cardano (ADA) and Polkadot (DOT). Jungle Inc. emphasizes historical value stability as evidence against straightforward labeling of XRP as suppressed.
XRP Sale Overview
Ripple’s quarterly report reveals a substantial XRP sale of over 0.892 billion during the third quarter of 2023. With XRP’s current market value at approximately $0.6114, this amounts to a sale value exceeding $547 million. Ripple’s total XRP holdings, currently standing at 46.5 billion, further shape the context surrounding XRP’s price dynamics.
Hot Take: The Debate Continues
The debate over XRP’s price manipulation and suppression continues within the crypto community. While some believe that Ripple’s sales are intentionally suppressing the price, others argue that XRP’s current valuation and historical stability refute these claims. As the discussion persists, it remains crucial for investors to stay informed about the complexities of XRP’s market dynamics.
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