Coin Edition -
- Ripple is accused of routinely trading XRP for Bitcoin during market uptrends.
- The allegations suggest Ripple’s strategic moves may have contributed to XRP’s underperformance against Bitcoin.
- However, the crypto detective acknowledged that the claims were mere conspiracies.
Amid ongoing discussion surrounding XRP’s underperformance, a prominent crypto investigator known as “Mr. Huber” has reignited allegations that Ripple regularly converts XRP into Bitcoin, particularly during significant market uptrends for BTC.
The discussion began when Mr. Huber drew attention to the disparity in XRP’s supply increase compared to other prominent cryptocurrencies like Bitcoin, Ethereum, Cardano, and Solana, all of which have experienced considerable surges in the current bullish market cycle.
In response to Mr. Huber’s revelation, X user Franco Cappello shared a graph illustrating XRP’s declining performance against Bitcoin since July 2023. Observing XRP’s prolonged declining trend against BTC, Cappello alleged that Ripple had accumulated Bitcoin during this period.
He argued that Ripple’s accumulation of Bitcoin likely contributed to XRP’s underperformance against the dominant crypto. As a result, he remarked, “Ripple says they let XRP ‘breathe’ in XRP/USD, but I propose they let XRP breathe in XRP/BTC.”
Ripple says they ley xrp “breathe” in XRPUSD but I propose they let xrp breathe in XRPBTC. So sad.— Franco Cappello (@loogart) March 13, 2024
When asked for concrete evidence for the claim, Cappello replied it is “common sense.” He argued that Ripple’s strategic decision to exchange XRP for Bitcoin was logical, particularly in anticipation of Bitcoin’s market impact following ETF approvals.
Investigator Mr. Huber, renowned within the XRP community, supported Cappello’s assertion. He stressed that it is reasonable to deduce that Ripple sells XRP for Bitcoin. He pointed out Ripple’s position in the liquidity business, necessitating holdings in various cryptocurrencies, with XRP being the most liquid asset.
It's common sense. Ripple is in the liquidity business. They offer BTC and ETH so they have to buy them to offer them. XRP is their most liquid asset at their disposal. Selling XRP for ODL, USD, BTC, ETH, Doge and other assets they offer in their liquidity solutions. Once their… https://t.co/RHzOW3KbRv— Mr. Huber