Is Ripple Dumping XRP? Pundit Calls Out Founders, Threatens To Take Action

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Crypto pundit Bitlord has called out Ripple executives Brad Garlinghouse and Chris Larsen, accusing them of dumping XRP. The pundit has gone as far as to threaten to take action if they don’t stop selling and suppressing the token’s price. 

Crypto Pundit Accuses Ripple Executives Of Dumping XRP

In an X post, Bitlord put out a warning, stating that something is not right with the current XRP price. He claimed that the altcoin should be higher, but that the founders, in reference to Ripple executives, are selling. He then questioned what exactly is going on and why these founders are selling. 

He then opined that it is likely that Ripple is unprofitable and is facing too much competition, which is forcing them to offload their XRP holdings. He added that the days of XRP may be over and that he is considering selling everything. Following his warning, an XRP community member, Tim, reminded the pundit about developments such as Ripple’s payment solution, banks’ adoption of XRP, and the XRP ETFs as catalysts that will still spark higher prices. 

The pundit then replied and asked what government would want to use Ripple’s technology when Eric Trump is going to compete with it. He also suggested that Banks won’t adopt XRP as they will launch their own payment rails instead of using Ripple’s. Bitlord also doesn’t believe that Ripple’s partnerships benefit XRP. 

In another X post, he revealed that he will be moving a “relatively small portion” of his XRP to exchanges. Bitlord remarked that this is to show Ripple that he is not playing around. The pundit asked them to stop dumping, or he would start dumping himself. He then gave Garlinghouse and Larsen 24 hours to cease dumping. 

Ripple Unlocks 1 Billion XRP From Escrow

Notably, Bitlord’s statement comes amid Ripple’s unlock of 1 billion XRP from escrow. On-chain data shows that the crypto firm then locked 700 million XRP back in escrow, leaving only 300 million coins in circulation from the September escrow unlock. Besides Ripple, there have also been notable whale movements, with investors looking to accumulate the token. 

On-chain data shows that three whales moved 236 million, 230 million, and 257 million XRP to unknown wallets. This is believed to be a move to accumulate more coins amid XRP’s downtrend, since these coins weren’t moved to exchanges, which will indicate a move to sell. It is worth noting that crypto analyst Ali Martinez recently stated that whales have purchased 340 million XRP over the last two weeks, providing a bullish outlook for the altcoin. 

At the time of writing, the XRP price is trading at around $2.79, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Getty Images, chart from Tradingview.com

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