XRP (XRP) may be deliberately held down because of a planned role in a bank-built settlement system, a researcher argued, citing a 2021 Citibank document.
- A researcher says XRP's flat price hints at possible suppression linked to a future bank settlement layer.
- The claim leans on a 2021 Citibank document and later institutional wording, not direct proof of manipulation.
- XRP hit $3.84 in 2018 but has traded near $1 for much of the current cycle.
Researcher Flags XRP Price Suppression
Jesse, a researcher at Apex Crypto Insights, made the case in a recent interview that crypto outlets picked up this week. He pointed to a 2021 paper from Citibank that used the phrase "Regulated Internet of Value," wording he says was later swapped for "Regulated Liability Network" once the link to Ripple looked too plain. He said it "does not make sense" that the price held flat for years.
The token's chart anchors his argument. XRP reached $3.84 during the 2018 bull run and later touched $3.60 earlier in this cycle, yet it has drifted sideways for much of the past decade while Bitcoin (BTC) climbed to fresh records far above it.
He calls that decade-long gap with Bitcoin hard to square with any normal market setup.
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Internet Of Value Thesis Builds
Jesse casts the token as part of an "internet of value," a second layer running alongside the internet of information rather than one more speculative coin. He links that idea to Ripple's Interledger Protocol, which he says moves money the way the web moves data.
From there, the trail runs through bank papers and speeches that other coverage traced this week. Jesse says Citibank's Tony McLaughlin has framed the Regulated Liability Network and a shared ledger as one concept. He adds that the Bank for International Settlements has floated a unified ledger that could replace correspondent banking, and even the Swift messaging network.
Skeptics Question The Case
If banks are quietly building a new settlement rail, Jesse argues, an asset tied to it could not be left to swing wildly, since volatility would undercut anything meant to anchor reserves. Critics have long disputed that logic, pointing to Ripple's court evidence that XRP mostly tracks the broader crypto market, and arguing the only real drag was the chilling effect of the SEC case.
The debate lands during a soft stretch, with XRP having rebounded to about $1.17 on Jun. 9 after touching a 2026 low near $1.09, a move that tracked a broader market recovery rather than any single catalyst.
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