Prominent Crypto Trader Sensei Reiterates His Stance against XRP, Despite Recent Developments

A prominent crypto trader, known by the pseudonym Sensei, has reiterated his stance against XRP, despite recent developments surrounding the asset.

Prominent crypto trader, known by the pseudonym Sensei, has reiterated his stance against XRP, despite recent developments surrounding the asset.

Sensei has openly stated that he is shorting XRP, maintaining his view that it remains a low-quality cryptocurrency, even as Grayscale ramps up to launch its XRP Trust.

One of the largest digital asset managers, Grayscale, recently introduced its XRP Trust in response to a court ruling in the Ripple v. SEC lawsuit, which had spanned nearly four years.

Though the possibility of an appeal still exists, Grayscale proceeded with launching the trust, signaling a step toward the eventual creation of an XRP exchange-traded fund (ETF). This approach mirrors the path Grayscale followed with Bitcoin and Ethereum ETFs, which led to significant market interest.

Market analysts are anticipating that an XRP ETF could attract substantial capital inflows, potentially leading to price growth for the token. Following the news of the Grayscale XRP Trust, the digital asset experienced a notable price surge, reaching a high of $0.588 on September 12, a level it had not tested in several weeks.

Although the price saw a slight correction, settling around $0.5820, Sensei disclosed on social media platform X that he would be shorting XRP at this price level.

Sensei's Criticisms of XRP

Token use in facilitating payments and its function as a gas token within the Ripple ecosystem does not seem to factor into Sensei's valuation of XRP.

After his public statements, XRP saw a further price correction, closing at $0.5336 on September 12. However, this decline was not isolated to XRP, as broader market conditions also impacted other cryptocurrencies.

Despite the correction, XRP outperformed many other digital assets, recording a 5% price increase compared to Bitcoin’s 1.39% gain on the same day. The token’s upward momentum continued the following day, closing at $0.5727 on September 13, marking its first close above $0.57 since late August.

Sensei's critique of XRP builds upon his long-standing negative sentiment toward the token. The trader has repeatedly argued that the token is unlikely to achieve significant growth, citing its decline in market dominance from 32% to 1.5% over the past seven years as evidence of its diminishing relevance.

He has also pointed out that during the bull run in 2021, XRP underperformed relative to other assets, including Bitcoin. In recent comments, he advised investors to avoid purchasing the token, reiterating his claim that it lacks long-term potential.

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Sensei, a prominent crypto trader, has maintained his short position on XRP, despite the token's recent price rally and the launch of the Grayscale XRP Trust.

In a recent post on X, a social media platform, Sensei stated that he is "shorting the shitcoin (XRP) at $0.5820." This statement reflects his long-standing critical stance toward XRP.

Despite Grayscale introducing the XRP Trust, and the possibility of an XRP ETF emerging in the future, Sensei's analysis and trading strategy appear to be largely unaffected by these developments.

His analysis focuses primarily on technical indicators and price movements, rather than external factors or anticipation of future events, which aligns with his short-term trading approach.

As XRP's price continues to fluctuate within a broader market downturn, it remains to be seen how Sensei's short position and analysis will adapt to the changing market dynamics.

This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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