The investment Advisor Preston Pysh who is also the founder of the Buffett Books podcast believes that XRP doesn’t have the needed incentive price structure that can boost the price to grow organically as we are reading in the ripple cryptocurrency news.
The investment advisor also pointed out that the token is centralized which means it is controlled by one party or simply- Ripple. Cory Johnson, the former chief market strategist of Ripple claimed that the Ripple Labs discovered XRP and the asset was not created out of thin air, the asset still cannot run away from the centralization accusations. The hedge fund manager Mark Yusko, also claimed that the asset is excluded from Morgan Creek’s index fund because it was held too closely. The whales have control over 85% of the total XRP supply and Chris Larsen, the ex-CEO of Ripple, boasts about 5.19 billion XRP fortune.
Ripple is responsible for holding 60 percent of the total supply of the token and has faced a lot of accusations of bringing the price down with the sales. Brad Garlinghouse, the current CEO of Ripple, explained that Ripple will not be profitable without the XRP sales:
‘We would not be profitable or cash flow positive [without selling XRP], I think I’ve said that. We have now.’
However, the executives of the platform continue to deny that they are manipulating the XRP price. Garlinghouse even explained that it was in their best interest o support the token and help it succeed:
‘Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that.’
As per the recent Ripple XRP price news, the analysts are observing that the cryptocurrency is showing textbook bottoming pattern signs but there will be an imminent recovery against Bitcoin soon as well. The technical signs point out that the imminent strength of the altcoin market doesn’t add up with the fundamentals of the XRP coin. After breaking the $0.1920 resistance, Ripple XRP is plunging and made a serious attempt to surpass the $0.1980 resistance area but it failed. The price of Ripple’s token traded as high as $0.1966 and recently started a sharp decline.
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