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.
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.
Also Read: MicroStrategy Announces $500 Million Convertible Senior Notes Offering to Acquire More Bitcoins!
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.
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.
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.
This news is republished from another source. You can check the original article here