The internet, especially Twitter, is currently abuzz with varying degrees of logical opinions from various online characters after one guy sent out a particular tweet that’s now the basis of a raging debate. The tweet poster, going by the twitter handle “XRP_DAN,” sent out a tweet asking for opinions on whether the XRP price might have been manipulated. In the original tweet, he also pointed out the fact that Ripple’s xRapid payment solution that uses XRP as the base currency is now operational in various financial institutions.
As it seems, Dan’s main concern is whether the crypto’s price is being controlled to maintain liquidity. As expected, various Twitter users and crypto enthusiasts have shown up on his thread to offer their opinions. Some of the responses were peculiarly notable.
Fact: xRapid Doesn’t Require Price Stability
According to some, XRP isn’t really manipulated because xRapid doesn’t need controlled liquidity. This is due to the fact that the payment system is fast enough to process transactions within seconds, meaning that no value change happens between the time the transaction is initiated and the time the funds reach the receiver. This is unlike the SWIFT system that takes days to complete a transaction.
However, some in this same school of thought are of the opinion that, indeed, the crypto’s price might have been manipulated but not for liquidity purposes. In fact, this argument seems to have gained favor with many as it appears as the most plausible explanation for the suppressed price.
Are Bitcoin Whales The Culprits?
On the other hand, there are those who aren’t happy with the way BTC whales have been acting up in the market. According to this group of debaters, the Bitcoin whales might be the ones responsible for the low XRP price because they’re suspected to also hold huge bags of XRP. As such, they can initiate sell walls to bring the XRP price down every time the crypto makes an attempt to swing up.
The common belief among these people is that the BTC whales are determined to keep Bitcoin at position one for the longest time possible. However, it’s agreeable that there’s still no concrete evidence to support these allegations. It only remains a theory.