- Bill Morgan is a prominent lawyer who has defended Ripple, saying that Ripple has very little influence over the price of XRP.
- Ripple’s large token sales and discounted institutional sales have always put pressure on XRP.
The XRP community dubbed the ‘XRPArmy’ has been sharing views on XRP price movements and the influence Ripple has on the tokens. Some members of the community have expressed concern about Ripple’s recent activities that influence prices and the supply of XRP.
Armando began the discussion, who is an important figure in crypto. Meanwhile, he shared an optimistic outlook while hinting to greater success. Some people who were part of the discussion mentioned that there was a conspiracy story about Ripple dumping XRP.
Bill Morgan, a prominent lawyer has responded He added that Ripple’s sales are not the only reason for price movements. He acknowledged, however, that large volume sales could have a negative impact on the price.
It is not a conspiracy. Obviously ripple selling a large volume of XRP into the market can potentially exert some downward pressure on price just as oil producers increasing oil production, can exert downward pressure on the price of oil per barrel if demand… https://t.co/8BBsxnxplJ
— bill morgan (@Belisarius2020) April 7, 2024
Morgan explains how, while it is true that XRP often reflects broader trends in the markets, such as Bitcoin and Ethereum prices, others claim Ripple deliberately manipulates the market to maintain a low price by dumping XRP. This argument fails to consider several important reasons that this theory is not likely.
Ripple regularly sells a part of their holdings. Ripple owns about 6%, which makes it one of those large holders that can influence the price through their sales. Ripple uses a portion of its sales to help it run operations that are primarily geared towards supporting and developing XRP. Some members of the community are calling on Ripple to sell huge amounts that could affect the supply and demand.
Ripple releases about one billion tokens each month at the beginning. Although this systematic approach provides clarity and regulates supply, it’s led to massive speculation which affects the prices.
Fred Rispoli is an American attorney who has written a number of articles on X explaining the low price. As CNF reportedRipoli argues that RippleLabs Inc. offered huge discounts for XRP to institutions buyers, which is why the XRP has a low price. Ripoli’s remarks follow an SEC motion that sought remedies against Ripple, claiming they violated securities laws by selling XRP institutional investors.
After a slight change over the past day, the current price for XRP at the time this article was written is $0.6167. Investors have a good time Gains of 4% Weekly chart
The $0.60 level is a key support for investors to maintain their bullish trend. As CNF reportedRipple is expected to respond soon to SEC’s request for a court order prohibiting XRP sales by institutional investors. The legal dispute between Ripple and the SEC is continuing to affect XRP’s price. XRP hovers below the 50 day EMA, but above the 20-day EMA.
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Source: www.crypto-news-flash.com