Keiser’s Twitter Storm
Keiser took to Twitter to express his strong opinions, referring to XRP as “centralized garbage” and boldly predicting its value would dwindle to a mere $0.01. This controversial statement captured the attention of the crypto community, further intensifying the already heated discussions surrounding XRP.
This wasn’t the first time Keiser raised eyebrows with his tweets. Back in the summer of 2023, he engaged in a Twitter exchange with John Deaton, a well-known Ripple advocate and the founder of CryptoLaw U.S. Deaton had shared a tweet discussing Bitcoin maximalists and their clash with the U.S. Securities and Exchange Commission (SEC) in the ongoing legal battle against Ripple Labs.
Keiser seized the opportunity to taunt ADA, XRP, SOL, and other top cryptocurrencies, labeling them as securities. He even accused the founders of Cardano and Solana of being scammers, stirring the already restless market.
Market Reaction
The aftermath of Keiser’s tweets reverberated throughout the cryptocurrency market. XRP, closely tied to Ripple, experienced an 11% decline following the footsteps of Bitcoin’s crash on the same day. Initially, XRP surged in response to the news of the Securities and Exchange Commission’s approval of spot Bitcoin ETFs, propelling the entire crypto market forward. However, the tides turned swiftly as Bitcoin’s decline dragged down major cryptocurrencies such as ETH, XRP, SOL, SHIB, and others.
Friday proved to be a particularly challenging day for XRP, as it faced three consecutive red candles, resulting in a 5% drop to $0.52288. The period following Keiser’s controversial tweets had a stronghold on XRP’s downward trajectory.