According to cryptocurrency expert and CEO of Digital Ascension Group, Jake Claver, the recent stagnation in XRP's spot price may not be due to waning market interest but rather a rise in off-exchange trading. In a thread of 23 posts published on X, the commentator argues that 'dark pools are an invisible force ... keeping prices stable', even as institutional demand accelerates.

Claver's thread — viewed over 250,000 times within 48 hours — suggests that private liquidity venues are absorbing large buy orders that would otherwise increase the public order book. 'So what exactly is a dark pool? Imagine trying to buy $500 million worth of XRP without making the market take notice,' he writes. 'Dark pools are private venues where large orders are filled away from the main exchanges.'

Is XRP being manipulated?

Experts describe this mechanism as a 'double-edged sword'. In the short term, he argues that the accumulation of secrets 'hides the bullish momentum and pulls the price down', leading retail traders to conclude that the asset has lost momentum. However, over a longer period, this same process is said to tighten circulating supply until, he warns, 'it breaks out'.

Claver asserts that 'Institutions are quietly pulling liquidity from public exchanges', adding that hedge funds, family offices, and even sovereign entities have begun to use the dark-pool utilities now offered by major exchanges like Coinbase and Kraken, as well as emerging decentralized alternatives. He argues that because transactions are only reported after execution, 'smart money leaves no trace'.

Claver believes XRP is the primary beneficiary of this secretive activity. In his view, the clarification of pending regulations and adoption at the enterprise level could coincide with a gradual reduction in circulating supply, leading to a sudden repricing. 'At a certain point, demand on public exchanges will explode beyond supply — and that’s when the market will panic to reprice itself. Prepare for a price surge of 2x, 3x, or even 5x,' he writes. If hidden bids deplete available inventory, 'the price will skyrocket... the chart will look like someone flipped a switch.'

He emphasizes the psychological aspect of a prolonged flatness: 'These are the times when even die-hard believers start to doubt and walk away. But if you persevere, you may catch what happens next.' Comparing dark pool activity to a 'pressure cooker', Claver adds, 'They are currently suppressing all that buying pressure, but eventually, the lid will blow off.' Concluding his thread, he urges patience: 'Stay locked in. When it breaks out, you will be thankful you bought at 50 cents instead of having to scramble to buy at $10.'

Is there any evidence?

Market data shows weak volatility in XRP, which traded within a narrow range around $2.00 for most of April despite a slew of fundamental factors and positive news from Ripple. However, whether dark-pool activity is the deciding variable remains unverified; most over-the-counter (OTC) trades are only reported in aggregate and there is no public ledger tracking the scale of the capital flows from institutions that Claver describes.

Claver provides no documentary evidence for the alleged scale of buying, and his analysis does not quantify volume. However, his thread reinforces a familiar narrative in the cryptocurrency market: calm prices on the surface may conceal deep accumulation below. For retail observers, the question is whether these invisible flows will actually surface as the 'vertical move' Claver envisions — or remain hidden, like most dark-pool orders.