Uphold’s official XRP account recently made a post on X denying any claims suggesting CEO Simon McLoughlin predicted a price target of $10,000 for XRP. The statement emphasized that McLoughlin neither made such a prediction for XRP nor any other cryptocurrency. They also emphasized that he would not do so in the future.
This clarification came after prominent XRP community member Crypto Eri (@sentosumosaba) brought attention to a report falsely attributing the $10,000 prediction to McLoughlin. Eri expressed skepticism that such a speculative claim could originate from a reputable exchange like Uphold.
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The false prediction originated from a presentation by YouTuber Robert Doyle, also known as “Crypto Sensei.” Doyle included a statement purportedly made by McLoughlin that “every country would soon use XRP” within his analysis suggesting a potential $10,000 price point for the cryptocurrency. However, Doyle offered no verifiable source for this attribution.
Uphold is a payout partner for Ripple’s international treasury payments, facilitating transactions between multinational companies in the U.S., U.K., and Europe.
McLoughlin has expressed enthusiasm about the partnership showcasing the real-world utility of cryptocurrencies. He emphasized Uphold’s focus on the practical applications of cryptocurrencies rather than short-term speculation. However, he has not made a $10,000 prediction for XRP.
Doyle’s assertions were further amplified by crypto journalist Scott Matherson, the author of the article shared by Crypto Eri, to highlight the misinformation. This article likely contributed to the wider spread of the misinformation.
Handling Misinformation in the Crypto Market
Following Uphold’s public denial, prominent XRP community figure Crypto Eri commended the exchange for setting the record straight. However, she pointed out that she had seen three YouTubers who had featured this false claim.
She urged Uphold to consider requesting the removal of misleading content from online platforms, particularly given the potential for wider dissemination by other YouTubers or other social media personalities.
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This incident highlights the importance of verifying information before sharing it, especially regarding financial predictions. Investors should rely on credible sources and official statements from companies and individuals to make informed investment decisions. Uphold’s prompt clarification demonstrates its commitment to transparency and responsible engagement with the cryptocurrency community.
The XRP community is excited about a potential rally because many analysts have spotted different bullish signals. However, the community has to be careful to not get carried away by misinformation.
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