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xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

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xRapid will not 'flip the switch' on the price of XRP say prominent XRP community enthusiasts
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XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.

There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.

The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.

However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.

Nayer Malik [@sinjunsmyth], a Twitter user, stated,

“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”

In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,

“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”

C3|Nik [@C3_Nik] acknowledged the above and replied,



“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”

A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,

“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”

Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple’s David Schwartz gets called out for selling his XRP; user brands it ‘biggest warning sign’ for XRP hodlers

Namrata Shukla

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Ripple's David Schwartz called out for selling his XRP; user brands it 'biggest warning sign' for XRP hodlers
Source: Pixabay

The cryptocurrency market saw most major coins fall considerably on April 21 as Bitcoin [BTC], the world’s largest cryptocurrency, registered a dip in prices. XRP, the third largest cryptocurrency on CoinMarketCap, also faced the brunt of BTC’s dip. XRP’s bear market has contributed to many XRP enthusiasts doubting their position. This was reflected in a tweet by a Twitter user, claiming to have seen the ‘biggest warning sign’ for XRP hodlers.

Twitter user @hlnoooo tweeted,

“Warning to all $XRP holders.
Ripple CTO @JoelKatz recently selling his $XRP stack is the biggest warning sign one could ever get. This is the most bearish sign for $XRP I have ever witnessed since beginning of ’17.”

The user further attached a warning for all crypto users, asking them to “get out now.”

Apart from Ripple’s CTO, David Schwartz, selling his XRP, the user observed a similar trading behaviour with another “Ripple employee,” who was also selling his/her XRP over the past few days. The SEC’s ‘Framework for Analysis of Digital Assets,’ hinting at a possibility of XRP being termed as a security in the long-term was speculated to be the reason behind the sale of these XRPs.

The user also cited an old tweet by Schwartz, where the CTO spoke about the ‘de-risking strategy’ he came up with his wife during the previous bull run. Schwartz’s tweet read,

“I hold some XRP that I bought on the open market over the years as well as other similar assets. When I first chose to put money in, I agreed on a de-risking strategy with my wife should we ever have too much at risk, which I’ve been following with some sadness.”

The user took this as an indication of the risk associated with owning XRP. He further stated that the bear market, coupled with the news of the CTO selling a part of his XRP was worrisome and bearish for the community.



However, Schwartz was quick to clarify his position and stated that he was still following the ‘de-risking strategy.’ He added,

“What helped me not to be so sad selling during the bull run was thinking how happy I’d be if I regretted my decision, but it still hurt.”

Schwartz’s informed @hlnoooo that a majority of his liquid assets was still XRP and that a majority of “illiquid assets was still Ripple stock.” He claimed to be deep in the game whether he “wanted to or not.” The CTO also spoke about the amount of risk he and his wife were in and the realization they had about how there was nothing to be done fundamentally. He concluded by saying,

“All my eggs are in one basket, but I do like the basket.”





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