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Expert Cites Ripple’s Monthly XRP Sale as Proof that “XRP Price is Suppressed”

source-logo  thecryptobasic.com 29 November 2023 09:27, UTC

A notable figure in the crypto community argues that XRP’s price is suppressed amid Ripple’s sales of XRP.

Recently, a pro-XRP crypto vlogger with X username, “Jungle Inc,” conducted a survey gauging the opinion of XRP community members about the widespread view that XRP’s price suffers from any form of suppression or manipulation.

The poll has been concluded with a few thousand crypto market participants partaking. Of the respondents, the overwhelming majority affirmed that the price of XRP is manipulated.

Expert Says XRP Price is Suppressed, Cites Ripple

Notably, the poll garnered significant engagement from the community. One of the leading commenters was Jerry Hall, a crypto YouTuber who has attracted followership from other prominent figures in the XRP community, such as attorney John Deaton and Crypto Eri.

In the reply tweet to the poll, Jerry Hall expressed a longstanding belief in the suppression of XRP’s price, attributing it to Ripple’s monthly market sales. Hall claimed Ripple orchestrated those monthly sales to finance its business operation.

As a result, he pointed out a misalignment of goals, suggesting that while Ripple benefits from the market, those holding XRP are essentially financing Ripple without receiving reciprocal support.

In his words: “Bag holders are financing Ripple while Ripple is not financing bag holders,”

I have believed the price of XRP has been suppressed for years. When I realized Ripple was selling into the market on a monthly basis to finance their business I knew Ripple and I had different goals. Bag holders are financing Ripple while Ripple is not financing bag holders

— Jerry V Hall (@Jerryvhall1) November 27, 2023

Ripple’s XRP Sale

The Crypto Basic has recently reported Ripple’s XRP sale per information from the firm’s most recent quarterly report detailing transactions in the XRP market.

The report disclosed the sale of more than 0.892 billion XRP during the third quarter of 2023. Based on XRP’s current market value of around $0.614, the sale amounts to a dollar value exceeding $547 million.

Notably, Ripple’s total XRP holdings currently stand at 46.5 billion, with 41.3 billion of these tokens being inaccessible.

XRP Price Manipulation

Notably, the argument around the supposed XRP suppression has been a longstanding discussion in the XRP community. The backbone of the claim is the XRP has failed to see a sustained upward trajectory despite the myriad of positive developments around the digital asset.

Besides, the creator of the recent poll, Jungle Inc, disagreed with Jerry Hall’s view.

He questioned the characterization of XRP as “suppressed” given its current valuation. He noted that XRP’s value is equivalent to nearly double the values of competing projects such as Cardano (ADA) and Polkadot (DOT).

Moreover, he stated that historically, XRP has maintained relatively high values, making it less clear-cut to label it as suppressed.