The ongoing debate surrounding the suppression of XRP’s price has sparked renewed discussion within the crypto community. This debate coincides with Ripple’s continued sale of XRP on a monthly basis, raising concerns among some investors about the impact on the digital asset’s price trajectory.
Jerry Hall’s Perspective: XRP Sale Detriments XRP Holders
Jerry Hall, a prominent crypto YouTuber and advocate for XRP, has long argued that Ripple’s monthly XRP sales are impeding the digital asset’s price growth. He asserts that Ripple’s sale of over 0.892 billion XRP in the third quarter of 2023, totaling more than $547 million, directly contradicts the interests of XRP holders.
According to Hall, XRP holders are essentially funding Ripple’s operations without receiving any corresponding support, leading to the suppression of XRP’s price potential.
I have believed the price of XRP has been suppressed for years. When I realized Ripple was selling into the market on a monthly basis to finance their business I knew Ripple and I had different goals. Bag holders are financing Ripple while Ripple is not financing bag holders
— Jerry V Hall (@Jerryvhall1) November 27, 2023
Jungle Inc.’s Counterpoint: XRP’s Valuation Remains Significant
However, Jungle Inc., a well-known member of the XRP community, disagrees with Hall’s assessment. He challenges the notion that XRP is being suppressed, pointing to its current valuation of over $0.61, which surpasses the market caps of competing projects like Cardano (ADA) and Polkadot (DOT).
Jungle Inc. also highlights XRP’s historical price performance, noting that it has consistently maintained relatively high values compared to other cryptocurrencies. He argues that labeling XRP as suppressed oversimplifies the complexities of market dynamics.
XRP Price Rally Faces Challenges
XRP has struggled to gain significant momentum in recent months. The digital asset is currently trading well below its all-time high of $3.82 and its recent rally has faced obstacles.
Various factors contribute to XRP’s price volatility, including the broader conditions of the cryptocurrency market, regulatory uncertainties, and Ripple’s continuous token sales.
While experts present compelling arguments on both sides of the debate, the issue of XRP price suppression remains unresolved. Ripple’s token sales raise concerns for some investors, but XRP’s historical valuation and its position within the Ripple ecosystem suggest that it still holds significant potential.
As the cryptocurrency market continues to evolve and regulatory clarity emerges, the trajectory of XRP’s price will likely become clearer. Investors and enthusiasts will closely monitor developments in the coming months to gain a better understanding of XRP’s future prospects.