XRP
$XRP is the native token of the XRP Ledger Ripple on X / Video Screenshot

KEY POINTS

  • $XRP prices plummeted over the weekend, with the token trading below $3 as of early Monday
  • Bitcoiners have been hot on the heels of Ripple over its alleged lobbying against a strategic Bitcoin reserve
  • $XRP Army members believe the negativity stems from Bitcoin maximalists seeing $XRP as a potential threat to $BTC

Leading European digital asset manager CoinShares has filed with the U.S. Securities and Exchange Commission (SEC) for an XRP exchange-traded fund (ETF), becoming one of several financial institutions that have applied with the regulator to issue ETFs tracking the price of XRP, the XRP Ledger's native cryptocurrency.

CoinShares's filing presents a very clear prospectus on the XRP ETF it seeks to issue, including potential risks and benefits of investing in the Trust.

A Filing Made During a Critical Period in $XRP's Journey

The CoinShares filing comes at a rather critical period in the XRP token's journey as Ripple, the world's largest known holder of the altcoin, is under intense scrutiny from the Bitcoin community.

XRP prices have gradually been declining in recent days as some of the community's most prominent Bitcoiners put the heat on Ripple. As of early Monday, XRP has plunged below $3, representing a nearly 7% drop in the last 24 hours.

The scrutiny started after Riot Platforms' VP of research at leading Bitcoin miner Riot Platforms, Pierre Rochard, accused Ripple of "aggressively lobbying against the SBR (strategic Bitcoin reserve) by throwing around $millions at politicians, desperately trying to derail it."

Ripple CEO Brad Garlinghouse said the fintech firm's efforts were actually "increasing the likelihood of a crypto strategic reserve." Notably, President Donald Trump recently signed an executive order that directed a crypto working group to assess the feasibility of a "digital assets" stockpile.

Since squabble kicked off late last week, Ripple has seen continuing criticism from Bitcoiners and other crypto users.

The CoinShares filing, although it didn't have an impact on the XRP token's price, could bring some relief to the XRP Army, the community that stuck with Ripple and XRP through the years.

Bitcoiner Onslaught Ensues

Following news of the new XRP ETF filing, Rochard continued to make "revelations" regarding Ripple's movements over the past months.

On Sunday, the Riot executive cited unnamed sources who supposedly revealed that Ripple had been "moving billions of XRPs to exchanges over the past six months to prepare the rug dump after the artificial pump, same game plan as last time."

One BTC user said he feels bad for XRP holders, saying Ripple "rugged" the community within minutes in the previous crypto cycle. "They will do the same again this time," the user said.

Swan.com Co-founder Brady Swenson said Ripple is "a centralized scam disguised as 'digital asset.'" He went on to accuse the company of using the "scam proceeds" to "fool" politicians and other supporters of the XRP Ledger.

XRP holders are unmoved, with many saying Bitcoiners were just highlighting how "XRP may be a threat to overthrow Bitcoin."

The back-and-forth among Bitcoiners and XRP maximalists may be due to concerns that the U.S. government will establish a multi-coin digital asset reserve. The BTC community has long been pushing for a strategic reserve around Bitcoin alone, and a U.S. stockpile with XRP and other digital assets, for BTC maxis, is uncalled for.

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