XRP Price Drop Called 'Lunacy' by Flare CEO
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.”
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What it means
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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
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Where this sits in the Flare series
| When | What happened | Figure |
|---|---|---|
| 17 days ago | FLR a 0.007615 $ high | today it sits -13.7 % from there |
| 2 days ago | FLR a 0.006487 $ low | today it sits +1.3 % from there |
From what we have stored, starting 22 days ago.