It Is Highly Likely That XRP Isn’t Rising Because Ripple Co-Founder Jed McCaleb Doesn’t Want This

It Is Highly Likely That XRP Isn't Rising Because Ripple Co-Founder Jed McCaleb Doesn't Want This

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Market participants once again drew attention to the unusual behavior of the strong cryptocurrency XRP (Ripple). Several new explanations have appeared now.

XRP is currently trading at $0.247. Since the beginning of the year, the coin has grown by about 25%. At the same time, ETH has grown by 170%, and Bitcoin – by almost 50%. Moreover, BTC had two peaks. In mid-February, it was worth over $10,300, although then it collapsed more than twice. The new high was in mid-August when BTC was worth over $12,300. XRP also hit highs around this time. In February it was worth $0.3344, in mid-August, it was $0.321.

The XRP critic known as Crypto Bitlord held a Twitter discussion about all of these. The XRP chart clearly shows that the price of the coin is forced to decline at the very moment when there is every reason to start a bullish rally. Crypto Bitlord stated that the reason is that Ripple co-founder Jed McCaleb regularly sold large amounts of XRP. In principle, there is nothing strange about the fact that the token holder sells tokens on highs.

This is what the creator of Litecoin Charlie Lee did when he sold his LTC before the market crash in 2018. However, Crypto Bitlord believes that McCaleb sells XRP not only in order to get rich but also in order to stop rising the price of the coin. This creates a certain unpredictability in the behavior of the token, which prevents speculators from getting too rich. Previously, it was noticed that XRP always rises when BTC is approaching annual highs, now this rule does not work. Therefore, it is more difficult for speculators to plan their game.

In the discussion of XRP’s behavior, other versions were stated, including the influence of some fundamental factors. The main one is that XRP is considered a “bank coin”, that is, a token for use by financial institutions. And people highly likely do not need XRP. One more point is that the developers are not keen to participate in the development of the ledger for XRP, preferring to deal with ETH. The XRP ledger (and wallet) is an online, centrally controlled payment system operated by the XRP community. The XRP Ledger (XRPL) is “the home of XRP that connects many of the world’s currencies,” as stated on XRPL.ORG. It should become part of the developing Internet of Value, that is, a world where money moves in the same way as information moves on the Internet today.

It has been stated by Ripple that XRP’s current value is a legitimate representation of its price. Ripple CTO David Schwartz also added that he “believes in the crowd-based wisdom of the markets”.