XRP (XRP) Recent Slump Might Occurred Due To Manipulation, The Community Accused
Lately, some XRP holders showed their disappointment regarding the recent XRP (XRP) slump. The third cryptocurrency in the market, Ripple’s XRP crypto token, recorded a drop of 90% since the early days of January when it reached its all-time high at $3.80. Some of the XRP community members even said the massive decline occurred due to manipulation.
How did XRP (XRP) manage to reach $3.80?
At the start of 2018, XRP (XRP) raised to $3.80 helped by the significant cryptocurrencies market surge that commenced in December 2017 and also by the rumors that the renowned US-based Coinbase cryptocurrency exchange would list XRP.
However, as we already know, XRP (XRP) didn’t get on Coinbase, so its price plummeted, eventually.
The SEC scrutiny continued the XRP (XRP) downtrend
Soon after the Coinbase episode ended, the US Securities Exchange Commission (SEC) put XRP (XRP) under scrutiny as some crypto traders affirmed that Ripple’s XRP crypto token is security.
Thus, the XRP continued its downtrend from which it couldn’t recover until now.
Additionally, a recent Satis Group report forecasted that XRP (XRP) would plummet even further by the end of 2023 when it is expected to reach $0.004. The report argues this prediction stating that XRP is centralized, despite what Brad Garlinghouse says, and that Ripple’s platforms don’t yet use the XRP (XRP).
XRP (XRP) holders consider the recent slump occurred due to manipulation
On the other hand, some of the XRP (XRP) holders are sure the last massive drop in token’s value is due to manipulation.
“For those who have not understood it yet, I’d like to explain what’s going on in the crypto market. The market has been in a downtrend for months, which is logical after the rapid rise at the end of 2017. However, some are now wondering why it is so rapidly going downhill in recent days. Very easily! With the official announcement that xRapid will go live this year, Big Investors are afraid to miss the ‘Rocket Launch,’ which will go away as soon as xRapid goes live,” said Ferdinand Gipon, an XRP (XRP) holder, on Twitter.
Other XRP holders shared Gipon’s opinions and are accusing of manipulation.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.