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Prominent Crypto Investor On Why He’s Dumping All His XRP Holdings: It’s ‘A Confirmed Scam’

Mining 2020/09/17 20:17 by Brenda Ngari
Prominent Crypto Investor On Why He’s Dumping All His XRP Holdings: It’s ‘A Confirmed Scam’

A Ripple fanatic by the online alias Crypto Bitlord has allegedly sold all his XRP coins. For all intents and purposes, the crypto investor claims the cryptocurrency is a confirmed scam.

XRP’s History Of Controversies 

XRP is a cryptocurrency that was created to reduce friction in the cross-border settlements market. Ripple, the company behind XRP, aims to use the digital asset to fuel a real-time global payment solution known as On-Demand Liquidity (ODL).

However, despite Ripple working hard to replace the legacy remittance system by leveraging the speed and the cost advantages of XRP, the company is laden with controversies. Ripple currently owns more than half of the total XRP supply. This, according to most observers, is the reason why the price of the cryptocurrency has been treading waters while its peers explode.

At the beginning of every month, Ripple floods the market with 1 billion XRP tokens which the company claims is important in catering to the increasing adoption and integration of the cryptocurrency. While Ripple returns a portion of these tokens to the escrow wallet, the company has been accused of intentionally suppressing the price of XRP.

Crypto Investor: XRP Is A Confirmed Scam

Crypto Bitlord, who has over 127,000 Twitter followers, is well-known for starting a petition in August of 2019, asking Ripple to stop dumping on investors.

In a September 16 tweet, Crypto Bitlord indicated that XRP is a “confirmed scam”. He explained that he had finally realized this after watching the company dump on the market for many years but still not do anything to improve the XRP value.

While many XRP enthusiasts like to believe that payment providers and banks need XRP, the controversial investor goes on to state that they actually don’t. Crypto Bitlord is now selling all his XRP tokens. He summed up his feelings about the whole situation by succinctly saying “F*CK BRAD AND F*CK RIPPLE”.

Notably, some Twitter users shared the same sentiment as Crypto Bitlord. For instance, dmonee14 opined:

I could have saved you the effort. Dumping a billion XRP every month!? Brad & his minions owning the majority of tokens? Certainly red flags up the wazoo.”

Nevertheless, others like CryptoBull2020 see Crypto Bitlord’s tweet as a counter-trade signal. Simply put, the tweet implies that XRP is poised to skyrocket.

“I am astounded by the many reputable people in the #XRP community. If you follow Bitlord you must understand him. He is complex and contrarian, yet sarcastic. $XRP just broke a 2-year-old trend line and retested that line. Regulation is coming. This tweet simply means moonshot.”

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