The XRP price crash earlier this week caught many off guard bullish investors in the XRP community on the brink, but one voice in the community believes that the movement is not what it seems.
A crypto pundit known as Stellar Rippler has encouraged XRP holders to immediately withdraw their cryptocurrency from centralized exchanges, with the view that the recent volatility is not just another market deposit but a sign. a warning sign of what is to come.
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Engineered XRP Crash?
Stellar Rippler’s the position is supported to the idea that XRP is treated differently than most digital assets behind the scenes. He cited previous comments from David Schwartz, the creator of the XRP Ledger, where XRP was described as a pre-allocated currency for institutional use, as well as statements suggesting that XRP currently held in escrow can be sold to institutions but will not be distributed until NDAs are disclosed.
He went on to call out major financial players, including BlackRock, JPMorgan, Bank of America, and institutions linked to the BRICS, United Arab Emirates, United Kingdom, and European central banking institutions. According to experts, all these institutions have bought the right to buy XRP currently held in escrow by Ripple.
At the time of writing, there are no public requests which guarantees the combined purchase of XRP escrows about these businesses, but the argument has found favorable ears among investors who are not prepared for the recent sale.
From that angle, the pundit noted that the sudden drop goes, like the latest low was $1.15, built. By “enhanced,” this means the price crash serves the strategic purpose of creating an opportunity for major financial players to accumulate XRP at low prices before any market price recovery occurs.
Should You Get Your XRP Out of Trade?
Another part of the warning focuses on the user experience in large crypto exchanges. According to the pundit, users of Binance and Coinbase are reportedly facing difficulties in withdrawing their crypto from the exchange. This, in itself, is a warning to XRP holders to get their cryptos out of crypto exchanges and into a cold wallet. That message feeds into the crypto debate about self-preservation vs. maintaining a hold on crypto trading.
Calls to be your bank keep coming back whenever price action fluctuates. The alarm was sounded after Bitcoin’s price crash below $70,000 sent many cryptocurrencies down. XRP, in particular, fell to around $1.15 during the pre-repeat sale.
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At the time of writing, XRP is trading near $1.42, easing the immediate pressure but not fully restoring confidence. In terms of confidence, the sentiment surrounding XRP on social media is relatively optimistic. The data shows XRP is getting a lot of positive reviews there are other major assets such as Bitcoin and Ethereum despite the recent market crash.
Featured image from Unsplash, chart from TradingView
