The post Critic Says He’s Shorting XRP, Brands XRP a Shitcoin Despite News of Grayscale’s XRP Trust appeared on BitcoinEthereumNews.com.

A well-known crypto trader with the pseudonym Sensei insists he’s shorting XRP, branding it a shitcoin despite the launch of the Grayscale XRP Trust. For context, leading digital asset manager Grayscale Investments recently launched its XRP Trust. The development came on the back of the final ruling in the Ripple v. SEC lawsuit, which lasted for nearly four years. Despite the possibility of an appeal, Grayscale moved forward with the launch. This XRP Trust was the first of four steps toward the introduction of an XRP ETF. Grayscale followed the same cycle for its Bitcoin and Ethereum ETFs. Just like with the Bitcoin ETFs, market watchers believe an XRP ETF could attract enough capital to catalyze a price surge for XRP. Remarkably, amid reports of the trust’s launch, XRP recorded an impressive price rally on Sept. 12. It retested the $0.588 high for the first time in three weeks before retracing slightly. Despite holding on at $0.5820, Sensei revealed in a post on X that he would be shorting XRP at this price level. XRP Criticisms The crypto trader stressed that he does not particularly care about the recent reports surrounding the launch of the XRP Trust. He insisted that XRP is a “shitcoin,” a tag he has labeled the crypto asset in recent times. This tag from Sensei comes despite XRP’s utility in payments and its role as a gas token. Interestingly, following this disclosure, XRP recorded further corrections, closing Sept. 12 at $0.5336. However, this drop was not unique to XRP, which performed significantly better than most assets. For instance, XRP ended Sept. 12 with an impressive 5% rise, while Bitcoin (BTC) only saw a 1.39% increase. XRP extended the gains to the next day, securing another 1.77% rise on Sept. 13, as it closed the day at…

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Filed under: News - @ September 14, 2024 6:23 am