Crypto sleuth “Mr. Huber” on X claims Ripple repeatedly exchanged XRP for Bitcoin.
Mr. Huber believes Ripple exchanges XRP for BTC to buy back later at a profit.
While Ripple’s BTC ownership was contested, Mr. Huber claims it has no obligation to disclose BTC trades.
A crypto sleuth, popularly known as “Mr. Huber” on X, has argued that Ripple reportedly exchanged XRP for Bitcoin, particularly during periods of notable market growth for BTC while XRP experienced minimal movement.
Mr. Huber shared this opinion recently while revisiting a 2021 post from Ripple’s CTO, David Schwartz. In the post, Schwartz counseled crypto market participants to consider taking profit from their crypto positions to minimize risk exposures.
Mr. Huber resurfaced Schwartz’s remark, noting that based on factual records available to him, Ripple sold most of their XRP for BTC in their first few years of operation.
Lol ever considered the fact that Ripple has been involved in cryptocurrency since 2012 and that they sold most XRP for BTC the first few years? They might also be the ones pushing bitcoin up by buying Bitcoin with XRP first, to then sell Bitcoin at its peak to buy XRP, to raise… https://t.co/o58BQJaoED
— Mr. Huber🔥🦅🔥 (@Leerzeit) February 14, 2024
Furthermore, “Mr. Huber” speculated that Ripple could be among the entities driving Bitcoin’s price up recently. According to him, Ripple may initially exchange XRP for BTC, then sell Bitcoin at its peak, and subsequently use the proceeds to purchase XRP. In his view, the aim is to raise XRP’s market value to benefit from offloading XRP onto the market at an elevated rate.
Reacting to Mr. Huber’s opinion, an X user expressed skepticism regarding Ripple’s ability to single-handedly influence the market. Yet, the commenter agreed that Ripple’s alleged selling of XRP for BTC aligns with a negative trend evident in the price correction between the two cryptocurrencies.
Meanwhile, another commenter was uncertain about Ripple owning Bitcoin, noting the firm’s financial disclosures carry no information about their BTC holdings. In response, Mr. Huber asserted that Ripple has other entities that hold assets on their behalf, with BTC comprising a notable portion of their crypto portfolio.
Furthermore, he mentioned that Ripple provides BTC through their Liquidity Hub service to institutions. He also stressed that even the U.S. Congress is not required to disclose BTC holdings or trades, as Bitcoin is not classified as a security.
The post Crypto Expert Says Ripple Sells XRP for Bitcoin: Details appeared first on Coin Edition.
