Ripple Continues Cashing-In Hundreds Of Millions Dumping XRP Despite Coin Being 80% Below All-Time High
XRP remains one of the most controversial cryptocurrencies in the market. While its fans are full supporters of the work done by its issuer, Ripple, its critics maintain that the company is its undoing. Ripple has long been accused of manipulating XRP prices but is more evidently known to dump pre-mined XRP. In a recent report by Crypto.IQ, Ripple is believed to have made around $533.7 million dumping XRP. This is a continuing trend, with the report stating that the company has been dumping an average of 2.425 Billion XRP tokens since 2014. Last year's dump came despite the token losing more than 88% of its value.
In Q1 2019, the company has indicated that it has sold over $169.42 Million worth of pre-mined XRP tokens. This number is expected to grow in the months to come despite the recent decrease in value compared to Bitcoin. Arguably, this has been the trend for most altcoins, loosing to Bitcoin which has been enjoying a high level of dominance. However, XRP has been suffering more, this is evident in its market cap which is less than half of Ethereum. At the start of the year, the two were competing for the number two spot but in the last few months, XRP has been blown out of the water by Ethereum.
One notable line from most XRP enthusiast is that Ripple is knee-deep in development. This is agreeable in that it recently reported investing more than $500 MIllion to grow the XRP ecosystem. If some of these work out, we could see adoption rocket and holding XRP pan out.
Analysts Differ On XRP's Future
A few days ago, Peter Brandt, a renowned analyst predicted that the market would experience an 80% correction. He went on to state that much of the pain would be felt by altcoins. Brandt further predicted that XRP prices could soon half. This would see XRP drop from around $0.31 to $0.16.
In contrast, Twitter trader, @Rektcapital, last week stated that he expects XRP to perform exceptionally well in the coming days.
"For the first time since December 2017, Ripple has recently rebounded from a long-standing uptrend line"
This could see XRP fight recent highs and resistance of $0.40 before surging on to set new highs.
About The Author
John KiguruJohn is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.
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