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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Mar 14, 2024 11:29 UTC
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Is Ripple Dumping XRP for Bitcoin? Shocking Allegations Revealed!
Mr. Huber claims Ripple is converting XRP to Bitcoin, especially when Bitcoin price is high. This might be to benefit from short-term market movements.
Ripple hasn't disclosed Bitcoin holdings, raising doubt about the claims.
Some believe Ripple can't manipulate the market alone, but others see a possible connection.
In a bombshell development rocking the crypto world, a prominent figure known as “Mr. Huber” has leveled shocking accusations against Ripple, the force behind the XRP cryptocurrency.
Mr. Huber claims that Ripple has been systematically converting its XRP holdings into Bitcoin (BTC), purportedly aiming to exploit market volatility for potential gains.
Crazy, right? Or is it..? Check it out for yourself below.
Ripple’s Game Plan
In a recent tweet post on X, Huber points to what he perceives as Ripple’s consistent pattern of exchanging XRP for BTC during periods of significant growth in the Bitcoin market, implying a calculated maneuver to capitalize on market fluctuations.
Moreover, Huber cites Ripple’s advice from 2021 regarding profit-taking, suggesting that Ripple may have followed its own counsel by converting XRP into Bitcoin.
Huber goes a step further, suggesting that Ripple’s actions might have played a role in driving Bitcoin’s recent price surges by selling Bitcoin at its peak and reinvesting in XRP, potentially inflating its value.
Also Read: MicroStrategy Announces $500 Million Convertible Senior Notes Offering to Acquire More Bitcoins!
Is Ripple Hiding Something?
Furthermore, questions have been raised about Ripple’s alleged Bitcoin holdings. Despite Mr. Huber’s claims, Ripple’s financial disclosures do not include information about its Bitcoin holdings, leaving doubts about the accuracy of the claims.
Responding to inquiries, Huber proposes that Ripple might hold Bitcoin through other entities, thereby circumventing the obligation to disclose Bitcoin holdings in financial reports.
Community Reaction
The cryptocurrency community is divided in its reaction to these allegations, with some expressing skepticism about Ripple’s influence on the market, while others observe a correlation between XRP’s price movements and Bitcoin’s fluctuations.
As these allegations rock the cryptocurrency sphere, Ripple finds itself under intense scrutiny. The implications of these accusations not only question Ripple’s trading practices but also raise broader concerns about its potential impact on the cryptocurrency market.
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