Under a day ago, it was reported by Ethereum World News that XRP HODLers were getting annoyed over the recent slump XRP has had in the markets. The popular cryptocurrency has recently seen a drop of over 90% since its all time high value of over $3.80 in the first month of 2018. This drop has made XRP fans wonder if they have made the right decision by investing in the coin.
The main reason that XRP surged up above $3.80 at the start of the year was due to the popular crypto exchange, Coinbase being rumoured to having plans of listing the virtual asset on its trading platform. After things didn’t go according to plan, the value of XRP dropped. During this time, Ripple was facing SEC scrutiny because of some traders claiming that XRP was a security. This means Ripple had issued an unregistered securities offering, leading to an endless cycle of FUD against them.
A recent Satis report
believes that the value of XRP is only going to get worse from here. Within the next ten years XRP could be valued at just $0.004 according to the report. The reasons behind this prediction is due to false marketing by the Ripple company and its community, XRP is centralised (according to the report) and that XRP isn’t needed within its own network.
There are theories behind this slump and that is, if XRP has been manipulated from the start. The theory was brought up by Twitter user @GiponF
who said this:
“For those who have not understood it yet, I’d like to explain what’s going on in the crypto market. The market has been in a downtrend for months, which is logical after the rapid rise at the end of 2017. However, some are now wondering why it is so rapidly going downhill in recent days. Very easily! With the official announcement that Xrapid will go live this year, Big Investors are afraid to miss the “ Rocket Launch “, which will go away as soon as Xrapid goes live.”
The Twitter user goes on to say:
“For this reason, all currencies (Bitcoin, ETH, LTC, etc.) are now being sold by the big investors to reinvest everything in XRP before it goes live, and the price would take too large proportions!”
What are your thoughts on where XRP is heading? Let us know down in the comments!