Brandt’s Bold Accusations
On August 14, well-known cryptocurrency trader Peter Brandt swung the hammer on Ripple Labs, claiming they have been tinkering with the price of XRP, the cryptocurrency they created and manage. According to Brandt, the current price levels aren’t the result of an organic market but rather orchestrated moves from Ripple itself.
XRP’s Rocky Road
The price of XRP has been on a rollercoaster ride, recently plummeting to its lowest level against Bitcoin in over two years. As XRP/USD hovers around the uncomfortable territory of 11-month lows, the community is abuzz with concerns about the sustainability of these price levels.
Brandt’s Warning of a Coming Fall
Brandt didn’t hold back; he suggested that if Ripple’s influence continues to wane, we could see XRP drop another 20%. He dramatically questioned whether Ripple could keep XRP above the $0.24 mark, predicting a further decline to as low as $0.020725 if the support fails. Talk about market volatility!
Defending the Manipulation Claims
On Twitter, Brandt defended his use of the term “manipulate.” He pointed to Ripple executives offloading significant amounts of XRP, claiming it indicated a level of strategic management that stifles true market forces. Interestingly, data revealed 2019 was an exceptional year for Ripple in terms of sales—could that have contributed to today’s fluctuating prices?
A Critical Moment for XRP in the U.S.
As if things couldn’t get more complicated for XRP, signs indicate that U.S. regulatory bodies may be gearing up for a significant legal showdown concerning XRP’s classification as a security. While the U.K. has recognized XRP as a utility token, the U.S. Securities and Exchange Commission (SEC) seems to see it differently. This legal looming could add more turmoil to an already tumultuous time for XRP holders.
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