The recent drop in the price of XRP below $0.48 has sparked speculation within the XRP community that Ripple may have sold a significant amount of XRP to finance its purchase of Fortress.
While these cases stay speculative, they have regardless created a shaded area of vulnerability over the XRP market.
Simon Dixon, a financial backer and Bitcoin maximalist, as of late featured reports proposing that, as a component of the securing bargain, Wave covered misfortunes endured by Fortification clients in a new occurrence. Dixon said that although he owns shares in Ripple, he does not own any XRP.
In response to Dixon’s disclosure, pro-XRP attorney Bill Morgan asked a question that many in the XRP community are currently pondering: Could Wave’s procurement of Post Trust and rescuing Stronghold clients have been subsidized by selling XRP, consequently applying lower strain on XRP’s cost?
Morgan, on the other hand, acknowledged that the cryptocurrency market as a whole experienced a decline during this time, suggesting that this might not be the case.
In spite of the bear market, the Fortress acquisition is Ripple’s second-largest purchase in the past four months. The firm likewise obtained care firm Metaco in May.
Moon Lambo, a XRP people group part and YouTuber, proposed that Wave had a significant hold of assets even before the Fortification securing. He made the speculative claim that Ripple might not have sold more XRP than usual in order to fund the buyout.
Morgan concurred, expressing that it’s a substantial inquiry to consider who bears the gamble of Wave’s acquisitions and expected disappointments in business: Shareholders of XRP or ripple
Notably, another member of the XRP community and the founder of Gold Squad, Mason Versluis, boldly suggested that Ripple might actually be abandoning XRP. He said that the company should slow down these sales.
WrathofKahneman (WOK), a well-known and outspoken member of the XRP community, gave the story of Ripple’s acquisition of Fortress Trust a lot more depth.
He emphasized the fact that Fortress Trust had released a statement on September 7 in which they disclosed that they had been compromised by a third party in an incident that impacted some customers.
While this declaration was generally viewed as an endeavor at harm control, it likewise incorporated a notice of “huge organization news” to come up later in the week. Little did the local area had any idea about that this news would include Wave’s securing of Fortification Trust.
Ripple unexpectedly announced their acquisition of Fortress Trust on September 8. What made this declaration considerably more fascinating was the way that it went before the finishing of the desk work, indicating a quick and maybe earnest exchange.
The Block then reported on September 11 that Fortress Trust’s Sept. 7 incident had compelled them to seek a solution. Ripple intervened and made a significant commitment, ensuring that affected customers would be compensated.
WOK emphasized the deliberate removal of leadership team photos from Fortress Trust’s website over the past few months.