In a recent outburst on social media platform X, prominent cryptocurrency commentator Bitlord has leveled serious accusations against Ripple executives Brad Garlinghouse and Chris Larsen, alleging that they are intentionally offloading XRP to suppress its price. This bold assertion has raised eyebrows within the crypto community, particularly given the current market dynamics surrounding the altcoin.
Bitlord expressed his discontent by warning that the current price of XRP seems undervalued, suggesting that it should be higher based on its potential. He speculated that the executives’ actions indicate larger issues within Ripple, hinting at possible unprofitability and increased competition in the market. This has led him to contemplate liquidating his own XRP holdings, signifying a possible erosion of confidence in the token’s future.
In the ongoing dialogue, an XRP community member named Tim attempted to counter Bitlord’s criticism by highlighting Ripple’s advancements, such as their payment solutions and the increasing adoption of XRP by banks, suggesting these factors could drive future price increases. However, Bitlord remained skeptical, questioning the likelihood of government adoption of Ripple’s technology, especially in light of impending competition. He suggested that financial institutions might opt to develop their own payment systems rather than utilize Ripple’s offerings.
Amidst these tensions, Bitlord announced plans to transfer a “relatively small portion” of his XRP holdings to exchanges as a form of protest against the ongoing sales by Ripple’s founders. He issued a 24-hour ultimatum for Garlinghouse and Larsen to cease their selling activities, signaling a cautious stance towards holding XRP.
Compounding the situation, Ripple has recently unlocked 1 billion XRP from escrow, a development that typically impacts market fluidity. Data indicates that Ripple subsequently locked 700 million XRP back into escrow, with only 300 million now circulating. Meanwhile, significant whale activity has been noted, with several high-volume transactions occurring as investors appear to accumulate XRP during this downtrend period; these transactions, moving 236 million, 230 million, and 257 million XRP to unknown wallets, have caused speculation that these whales are positioning themselves for potential future gains.
Crypto analyst Ali Martinez also underscored a bullish sentiment surrounding XRP, revealing that whales have amassed 340 million XRP over the past two weeks. As of the latest data, XRP is trading at approximately $2.79, representing a 3% increase in the last 24 hours, suggesting a possible rebound amidst the uncertainty.
As the situation develops, the crypto community remains vigilant, watching how Bitlord’s warnings and Ripple’s actions will influence XRP’s market trajectory in the coming days.
