Pundit Says It’s Time To Get Your XRP Off Crypto Exchanges – Here’s Why
XRP’s price crash earlier this week has kept many From that angle, the pundit noted that sudden downside moves, such as the recent drop to $1.15, are engineered. By “engineered,” this means the price crash serves a strategic purpose of creating opportunity for large financial players to accumulate XRP at lower prices before any market repricing takes place. Another part of the warning focused on user experience at major crypto exchanges. According to the pundit, Binance and Coinbase users have reportedly been facing difficulties getting their crypto off the exchanges. This, in itself, is a warning for XRP holders to get their cryptos off crypto exchanges and into a cold wallet. That message taps into conversation in crypto about self-custody versus keeping holdings on crypto exchanges. Calls to be your own bank tend to resurface whenever price action turns volatile. The alarm was sounded against the backdrop of a Bitcoin price crash below $70,000 that pulled most cryptocurrencies lower. XRP, in particular, dipped to around $1.15 during the sell-off before rebounding. Should You Take Your XRP Off Exchanges?
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At the time of writing, XRP is trading near $1.42, easing some immediate pressure but not fully restoring confidence. On the subject of confidence, sentiment surrounding XRP on social media is relatively optimistic. Data shows XRP is drawing more positive commentary than other large-cap assets such as Bitcoin and Ethereum despite the recent market-wide crash.
Featured image from Unsplash, chart from TradingView
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