The discussion on whether or not XRP’s price is being purposely suppressed has been rekindled. In line with this, a crypto expert has given his opinion as he stated reasons why this allegation may be true.
Crypto Expert Believes XRP Price Is Suppressed
In a post shared on his X (formerly Twitter) platform, pro-XRP crypto YouTuber Jerry Hall stated that he believes that the price of the token has been suppressed for years. He noted that the moment he began to have this belief was when he realized that Ripple was selling into the market on a monthly basis.
According to him, the fact that Ripple does this to finance their business shows that he and the company have different goals. He also seemed to suggest that Ripple didn’t care about XRP holders as he stated that “bag holders are financing Ripple while Ripple is not financing bag holders.”
Hall’s opinion came on the back of a poll conducted by Jungle, a popular figure in the community. Jungle had asked the community whether or not they believe XRP’s price is manipulated or suppressed. 2,167 persons voted, with 82.9% agreeing that the token’s price is suppressed.
Meanwhile, Jungle doesn’t believe that the price of the token is suppressed. He noted that the token has “been traditional [sic] pretty high which in the face of some bad stuff made it a bad value.” The “bad stuff” that Jungle was referring to could be Ripple’s long-running legal battle with the Securities and Exchange Commission (SEC).
Bulls reclaim control from bears | Source: XRPUSD on Tradingview.com
Hall’s Assumption May Be Wrong
Hall’s belief that XRP’s price is suppressed stemmed from the fact that he thought Ripple sold these XRP tokens into the market. It is not unusual to have this belief, considering that the injection of more tokens into circulation could make it inflationary and affect its value. However, his assumption may be wrong, as another X user pointed out.
The X user noted that Ripple’s XRP sales were not programmatic but rather made to users of the company’s Ripple Payments (formerly RippleNet). These sales are reported not to have any direct impact on prices on crypto exchanges. Following the revelation, Hall questioned what could be behind the token’s “stagnate price action.”
He wondered if the price action meant that XRP had lost its appeal. However, Jungle thinks otherwise. He believes that the token is more valuable than every other crypto token besides Bitcoin, Ethereum, and BNB. As to the stagnant price action, he alluded to the legal issue with the SEC and how “DeFi/Eth” made XRP’s payment use case less valuable.
Featured image from XCoins, chart from Tradingview.com
Source: https://bitcoinist.com/crypto-expert-xrp-price-suppressed/