Crypto Analyst Claims XRP's Gains Are 'Not Natural' Amid Pump and Dump Allegations
XRP's Recent Gains Analyzed
XRP, a prominent player in the cryptocurrency market, has recently experienced an extraordinary price surge of 435% since November 2. However, crypto analyst Rajat Soni challenges the legitimacy of this growth, labeling it 'not natural' and warning investors that these price movements are akin to a 'pump and dump' scheme.
Concerns Over XRP's Stability
Soni emphasizes the disparity in XRP's historical performance, pointing out its modest 11% increase since 2018, which starkly contrasts with its recent spike. He cautions investors to approach this asset with suspicion, stating, 'If you can’t see that this is a scam, you deserve to be scammed.'
- Criticism of Centralization: Soni has previously accused Ripple, the company behind XRP, of centralization and potential manipulation.
- XRP’s Market Behavior: He highlights that XRP’s price behavior contradicts normal market practices.
Factors Influencing XRP's Price Movement
The upswing in XRP's price can be linked to broader trends in the cryptocurrency market, including political changes and litigation outcomes.
- Donald Trump’s election victory may lead to crypto-friendly policies.
- The resignation of SEC Chair Gary Gensler has boosted investor sentiment.
- Speculation around a potential XRP ETF is increasing confidence among investors.
Despite these factors, analysts advise caution. Soni’s viewpoint serves as a warning to investors navigating the volatile world of crypto.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.