Jason Calacanis, the multi-millionaire early investor in Uber and Robinhood, recently criticized Ripple on Twitter, calling XRP a “disaster.”
“Things are out of control. Imagine a shady company gets walloped with an SEC lawsuit, which carries with it risk of ruin, and their crypto coin goes UP 60%?!?!? What are you people thinking!??! XRP is a disaster is clearly going to zero… pending some miracle.”
Ripple Market Cap Above $20 Billion Again
Calcanis’ tweet was a response to one made by Guardian Circle CEO Mark Jeffery, who noted the recent upsurge in XRP’s valuation.
“Ripple’s up 60% over 7 days and back up to a $20B market cap again? I assume this is because they filed their response to the SEC charges and the web reacted favorably?”
Jeffery was talking about the fact that XRP has recently jumped from $0.252 to $0.47, going past the $0.30 and $0.40 psychological levels in the process. Towards the end of 2020, the U.S. Securities and Exchange Commission (SEC) had sued Ripple for illegally selling securities in the form of the XRP token. Ripple Labs has fought back against the lawsuit with a team of over 21 lawyers.
However, it seems like this pump was triggered by a Telegram group with nearly $125,000 members. It looks like the XRP community has been trying to capitalize on the new anti-Wall Street movement which has seen Gamestop stocks and DogeCoin reach new highs.
Ripple CTO David Schwartz has even compared XRP to the WallStreetBets (WSB) coin, saying:
Right now, XRP chart looks just like WSB chart. Coincidence?
Calcanis Seemingly Supports DeFi
Previously, Jeffrey had responded to Calcanis’ tweet about the recent Gamestop stock pump lamenting the lack of transparency:
“This is really insane… is there any way to know if the original short sellers covered their positions @ihors3? Said another way, are these short sellers a new group taking advantage of the WSB bets?! There needs to be much more transparency of who is making these short bets.”
Jeffrey replied to the tweet by praising the virtues of DeFi, especially its transparency.
“In DeFi, you’d KNOW all this stuff. You’d SEE it on the block explorer. And it would be impossible to short more than 100% of the stock. There would be no ‘phantom stock’ adding up to 150%+ that hedge funds could borrow and short. Not possible when stuff is tokenized.”
Calcanis responded favorably to this, albeit in a roundabout manner:
“I think we may have finally found a use case for crypto beyond the LOLz, money laundering, and speculation.”
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