XRP Price Drop Called 'Lunacy' by Flare CEO
- Published
- Updated
CSD BR said it would bring assets onto the XRP Ledger, and XRP fell on the day of that announcement. Hugo Philion, Flare’s co-founder and CEO, called the market’s muted reaction to that Brazil move “lunacy.”
Key claims & sources
What it means
The immediate effect is on XRP traders and watchers of Brazil’s securities plumbing, because CSD BR’s announcement and XRP’s drop landed on the same day. Anyone tracking the token or the market around it would have noticed that the price did not move up with the news, and Philion publicly highlighted that reaction.
What changes in practice is that CSD BR has said it would bring assets onto the XRP Ledger, which is a new step for that depository’s use of the network. What does not change from these pieces is that XRP still traded on the day of the announcement, and the market’s response remained negative rather than matching the news flow.
Market reaction i
Flare fell 1.7% in the 4 hours after the first headline, after rising 0.7% in the 2 hours before.
48 prices, one every 30 minutes
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
U.Today
Coinpedia
context
Where this sits in the Flare series
| When | What happened | Figure |
|---|---|---|
| 40 days ago | FLR at $0.00761544 high | today it sits -26.7% from there |
| today | FLR at $0.00555787 low | today it sits +0.4% from there |
From what we have stored, starting 2 months ago.