XRP is facing one of its most significant backlashes in history amid claims of Ripple Labs’ sabotage of Bitcoin in the past.
A massive backlash against XRP has surfaced, with prominent Bitcoin investors accusing Ripple Labs of sabotaging BTC in the past. However, XRP's price outlook remains relatively resilient amidst the ongoing consolidation in the crypto market.
According to CoinMarketCap, XRP is trading at $3.11, reflecting a 2.48% decrease over the past 24 hours. This decline is notably smaller compared to other major coins, such as ETH and SOL, which have experienced drops of 3.37% and 5.87%, respectively.
The backlash against XRP began when prominent Bitcoin investors flagged the coin’s involvement in sabotaging BTC's national reserve efforts. Bitcoin proponents have outlined various reasons why the blockchain payments firm may have had ill intentions towards BTC, particularly during its early stages of development.
One of the key campaigns that have come under scrutiny is the Greenpeace initiative, which was reportedly sponsored by Ripple Labs. According to Tuur Demeester, the initiative was part of a broader strategy to demonize Bitcoin and portray it as an environmentally unfriendly protocol.
Furthermore, many believe that Ripple may have lobbied lawmakers to prioritize the development of Central Bank Digital Currencies (CBDCs) in order to integrate its "surveillance technologies" into the new digital currencies. Among the Bitcoin proponents who have actively participated in the campaign are Samson Mow and Jack Mallers.
Despite these claims, XRP's price performance has largely followed the broader market trend. While XRP is down by 2.48%, its major rivals, ETH and SOL, have experienced steeper declines of 3.37% and 5.87%, respectively.
Meanwhile, retail investors and whale holders are continuing to play a significant role in shaping XRP's market outlook. CoinMarketCap data reveals a 40% drawdown in the daily trading volume, which now stands at over $5 billion.
However, in relative terms, this volume has outpaced that of its competitors, mirroring the observed price movements. Over the past few weeks, XRP whales have been instrumental in driving the price to new levels. Notably, these whales have contributed to the surge in $1 million transactions that were observed on-chain earlier this month.
Overall, the price of XRP is likely to maintain its generally bullish outlook, as evidenced by the soaring open interest data.
