Crypto Detective Accuses Ripple of Secret Sell of XRP For Bitcoin for Massive Profit!

The post Crypto Detective Accuses Ripple of Secret Sell of XRP For Bitcoin for Massive Profit! appeared first on Coinpedia Fintech News

A prominent figure known as “Mr. Huber” in the cryptocurrency community has made shocking allegations against Ripple, the company behind the XRP cryptocurrency. 

According to Mr. Huber’s claims, Ripple has been systematically exchanging its XRP holdings for Bitcoin (BTC) in a strategic move to potentially profit from market volatility.

Ripple Sells XRP for Bitcoin

In a recent tweet post on X Mr. Huber alleges that Ripple has been actively converting its XRP holdings into Bitcoin, especially during periods of high growth in the Bitcoin market when XRP has been relatively still.

Lol ever considered the fact that Ripple has been involved in cryptocurrency since 2012 and that they sold most XRP for BTC the first few years? They might also be the ones pushing bitcoin up by buying Bitcoin with XRP first, to then sell Bitcoin at its peak to buy XRP, to raise… https://t.co/o58BQJaoED

— Mr. Huber (@Leerzeit) February 14, 2024

Mr. Huber points to a 2021 post by Ripple’s CTO, David Schwartz, as evidence of this trading strategy. In the post, Schwartz advised crypto investors to consider taking profits from their holdings, implying that Ripple may have followed this advice by converting XRP into Bitcoin.

Additionally, Mr. Huber proposes Ripple’s involvement in Bitcoin’s recent price surges. He suggests Ripple swaps XRP for BTC, sells BTC at its peak, and reinvests in XRP, potentially inflating XRP’s value for profit.

Ripple’s Lack Of Discloser

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.

In response to inquiries, Mr. Huber clarified that Ripple may hold Bitcoin through other entities on its behalf, which could explain the lack of disclosure in financial reports.

It's common sense. Ripple is in the liquidity business. They offer BTC and ETH so they have to buy them to offer them. XRP is their most liquid asset at their disposal. Selling XRP for ODL, USD, BTC, ETH, Doge and other assets they offer in their liquidity solutions. Once their… https://t.co/RHzOW3KbRv

— Mr. Huber (@Leerzeit) March 13, 2024

He also emphasized that, like other entities, Ripple is not obligated to disclose Bitcoin holdings or trades, as Bitcoin is not classified as a security.

Community Reaction

Mr. Huber’s claims have sparked debate within the cryptocurrency community. While some users expressed skepticism about Ripple’s ability to influence the market single-handedly, others noted a correlation between XRP’s price movements and Bitcoin’s fluctuations.

The allegations made by Mr. Huber raise concerns about Ripple’s trading practices and its potential impact on the cryptocurrency market.