'XRP Pullback Was Overdue': Samson Mow Suggests Why
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Samson Mow, vocal Bitcoin supporter and the chief executive officer at the JAN3 Bitcoin adoption-focused company, has issued a tweet about the third largest cryptocurrency XRP and its recent price drop.
Being a rigorous Bitcoin maximalist, Mow slammed XRP. He also explained why he believes adding XRP to the potential U.S. strategic reserve might not be a good idea.
"$3+ just ridiculous for database entry"
The JAN3 boss took to his X account to comment on the overnight 11% XRP price plunge witnessed over the past 24 hours. Mow stated that this “pullback was overdue.”
According to Mow, The reason for this is that XRP trading at the $3+ level was “just ridiculous for a database entry.”
Mow did not mention that XRP and the rest of the altcoin market are closely tied to Bitcoin, and the 11% XRP collapse followed the Bitcoin price trajectory. The world’s flagship cryptocurrency has plummeted by more than 6%, crashing from above $105,222, landing at the $98,685 level, where BTC is changing hands at the time of this writing.
Bitcoin reacted with a plunge as pro-crypto U.S. President Trump imposed emergency 25% tariffs on all imports from Colombia and visas for its citizens after Colombia rejected two U.S. military planes with deportees sent back to the country. Trump also promised that the tariffs would surge to 50% within a week. Besides, all checks on Colombian citizens entering the U.S. will also be strengthened.
Yuri MolchanMow shares take on "anything but Bitcoin" prospects in U.S. crypto reserve
Another tweet by Samson Mow published today shows that he hates the idea of the U.S. government potentially adding any other cryptocurrency to the much-anticipated strategic crypto reserve apart from Bitcoin.
Mow believes that this digital asset reserve should consist only of BTC and nothing else. Adding even largest-cap altcoins “is lining corp pockets with extra steps.” With XRP, it would provide extra opportunities to Ripple, and with ETH it is about “lining Buterin’s pockets with extra steps,” and so on.
The fact that, most likely, adding Bitcoin to the U.S. Strategic Reserve would line the pockets of Michael Saylor’s MicroStrategy, BlackRock and other ETFs was not mentioned by Samson Mow.
This weekend, Mow tweeted that there are many more reasons for hating Ripple and XRP than Bitcoiners know of.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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