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A researcher known as Jesse of Apex Crypto is arguing that XRP's price has been deliberately held down, anchoring the case to a 2021 Citibank document that originally used the phrase "Regulated Internet of Value" before the language was shifted to "Regulated Liability Network." The original wording, he says, mapped directly onto Ripple's long-standing Internet of Value thesis and the Interledger Protocol.
The price context is the second leg of the argument. XRP touched $3.84 during the 2018 bull run and reached $3.60 earlier in the current cycle, but spent most of the decade between those two peaks moving sideways while Bitcoin compounded far higher. For a token with Ripple's institutional reach and a cross-border settlement use case, the flat trajectory is, at minimum, a question worth asking.
Why it matters
The chain extends from the Citibank document to shared-ledger infrastructure. Citi's Tony McLaughlin has publicly described the Regulated Liability Network as a shared ledger framework for tokenized bank deposits, a concept structurally close to what Ripple has been building toward since founding. The Bank for International Settlements has separately discussed a unified ledger architecture that could replace correspondent banking and eventually displace SWIFT as the backbone of cross-border settlement.
If XRP or a derivative of Ripple's protocol sits underneath that infrastructure, Jesse's logic runs, the last thing institutional architects would want is a wildly volatile asset. Ripple CEO Brad Garlinghouse has publicly argued that XRP's multi-billion-dollar daily volume makes it too liquid for any single entity to control, and CTO David Schwartz has pointed out that XRP's price action tracks other large-cap altcoins.
Market impact
Crucially, the SEC's roughly 18-month investigation before its 2020 enforcement action produced no findings of price manipulation by Ripple, and Jesse presents no hard evidence of coordinated suppression. The case rests on document interpretation and circumstantial institutional linkages, not on disclosed trading records or regulatory filings.
Frequently asked questions
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What is the core claim that XRP is being suppressed?
Researcher Jesse of Apex Crypto argues that XRP's decade of sideways price action is deliberate, anchored to a 2021 Citibank document that originally used the phrase "Regulated Internet of Value" before being reissued as the "Regulated Liability Network."
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What evidence does the suppression theory actually rest on?
The case rests on interpretation of the Citibank document and circumstantial institutional linkages between the Regulated Liability Network, the BIS's unified-ledger work, and Ripple's Internet of Value thesis. No disclosed trading records or regulatory findings of manipulation are presented.
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Did the SEC find evidence of XRP price manipulation?
No. The SEC's roughly 18-month investigation before its 2020 enforcement action against Ripple produced no findings of price manipulation by the company or its executives.
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What is the Regulated Liability Network?
As described publicly by Citi's Tony McLaughlin, it is a shared ledger framework for tokenized bank deposits, structurally close to what Ripple has been building toward since its founding.
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How have Ripple's executives responded to suppression claims?
CEO Brad Garlinghouse has publicly argued that XRP's multi-billion-dollar daily volume is too liquid for any single entity to control, and CTO David Schwartz has pointed out that XRP's price action tracks other large-cap altcoins.
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