- 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.”
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.
In line with this perspective, Mr. Huber highlighted Ripple’s need to exchange XRP for other cryptocurrencies to fulfill essentials for their On-Demand Liquidity service (now known as Ripple Payments).
In addition, Mr. Huber asserted that whenever Ripple’s XRP liquidity experiences a significant reduction, the company resorts to selling off other assets in order to buy back XRP. According to him, the aim is to build price momentum for XRP.
Furthermore, he claimed that Ripple routinely follows this cyclical pattern, repeating the process as needed. Meanwhile, the crypto sleuth acknowledges that these claims are speculative and conspiracies.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
