Ripple price could drop an additional 10% amid bearish assertions from Cardano’s Charles Hoskinson
|- Ripple price could drop an additional 10% amid bearish assertions from Cardano’s Charles Hoskinson
- Ripple price is down almost 10% in 24 hours, with indications of more losses to come after a sustained downtrend.
- The latest bearish inclination is fueled by Cardano founder’s negative assertions around XRP community, twisting his comments into a lie.
- Charles Hoskinson has invalidated the argument that the SEC is biased against Ripple.
- XRP could drop another 10% amid the negative development, worsened by broader market gloom.
Ripple (XRP) price remains bearish after breaking from a horizontal consolidation. The overall bearishness is attributed to the broader crypto market gloom and the pending case between Ripple and the Securities and Exchange Commission (SEC). However, in a recent development, negative chatter between Cardano (ADA) founder Charles Hoskinson and Ripple has reinvigorated the dark clouds above the remittance token.
Ripple price dark clouds thicken
Ripple price could suffer more losses following the latest tussle with Cardano’s Charles Hoskinson. Citing Hoskinson, “the XRP community manipulated my statement to a lie.” The following was his statement:
I said the concept that the entire SEC is united against Ripple by bribes from Ethereum insiders is a conspiracy. Given that now Coinbase, Kraken, Bittrex, Tron, and dozens of others have been hit, it seems more accurate than ever.
Hoskinson does not believe that the “entire” US SEC has received incentives to launch an attack on Ripple and XRP, citing conspiracy theory. The debate was called up by crypto influencer Stefan Huber, arguing that it was not a coincidence that former SEC official William Hinman gave a speech in 2018 alleging that Ethereum was not a security.
It is a ridiculous idea to claim Hinman's speech on Ethereum was pure coincidence. But anyone who claims that this scandal is just an absurd conspiracy must believe Hinman's policy and Clayton's backing was a mere happenstance. Which again is just a ridiculous idea.
— Mr. Huber (@Leerzeit) May 8, 2023
It is a ridiculous idea to claim Hinman's speech on Ethereum was pure coincidence. But anyone who claims that this scandal is just an absurd conspiracy must believe Hinman's policy and Clayton's backing was a mere happenstance. Which again is just a ridiculous idea.
— Mr. Huber (@Leerzeit) May 8, 2023
According to Huber, Hinman’s assertions about Ethereum being a non-security and the regulator’s actions against Ripple resulted from collusion between Ethereum insiders Hinman and Jay Clayton (former SEC chair).
@IOHK_Charles said, It's an absurd conspiracy theory because it's just normal that the asset with the most powerful backers got a free pass. Which basically is the very conspiracy we point at. Lol
— Mr. Huber (@Leerzeit) May 8, 2023
@IOHK_Charles said, It's an absurd conspiracy theory because it's just normal that the asset with the most powerful backers got a free pass. Which basically is the very conspiracy we point at. Lol
— Mr. Huber (@Leerzeit) May 8, 2023
According to Hoskinson, circulating the belief that the whole SEC is united against Ripple is a conspiracy theory, calling out the XRP community for twisting his remarks. In support of his argument, the Cardano executive highlighted the regulator clamping down on other prominent names like Coinbase, Kraken, and Bittrex, thereby invalidating the idea that the SEC is only biased against Ripple.
With this, Hoskinson has darkened the clouds above the XRP ecosystem, which, coupled with the network’s ongoing legal tussle and the broader crypto market gloom, could solidify the downtrend for Ripple price.
Ripple price eyes a further 10% loss
Ripple price, recording $0.42 at the time of writing, is down almost 10% in the last 24 hours. However, the Hoskinson-infused bearishness could fuel another 10% drop. With dark clouds above the XRP ecosystem thickening, Ripple price could continue the downtrend.
Around the reignition of the Ripple v SEC conflict, XRP dropped below the critical support at $0.44. The remittance token now depends on critical support at $0.42. An increase in seller momentum below this level could see Ripple price revisit the March 21 lows around $0.37, denoting a 10% downswing from the current price.
XRP/USDT 1-day chart
Conversely, if XRP bulls and retail traders decide to buy the dip, the Ripple price could pull back. An increase in buying pressure could restore the remittance token above the critical level at $0.44 and facilitate a flight above the psychological $0.50 resistance level in a highly bullish case.
Nevertheless, the bearish outlook for Ripple price would be invalidated upon a daily candlestick close above $0.54.
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