Why Are XRP Holders Pushing For Ripple To Stop XRP Dumping?
Ripple and its issued token XRP have always been a project of contention. Since it was launched, it has always been a topic that has split the crypto community. There are those that love everything that is Ripple and the others who don't like anything about it. For many of those that do not approve of Ripple, they have talked about the project being centralized. Unlike most projects, Ripple is a company. Many say this makes their operation very centralized. Additionally, XRP is not mined but issued by the company, giving them freedom of XRP dumping.
For the lovers of Ripple, they find this to be a good thing. For starters, because it's a company, this means they are more organized in the execution of goals. True enough, Ripple remains one of the most productive projects in the industry. This has further been evident given XRP's position in the market, which is third-largest cryptocurrency by market cap.
This year however XRP investors have not been impressed by the performance of the token. The asset has behaved like many other altcoins. It has found hard resistance when rallying and has had little support when falling. With Ethereum and Bitcoin setting a different pattern, this has seen a huge gap formed between XRP and its nearest competitor Ethereum. While at the end of last year and at the start of 2019, Ethereum and Ripple were rubbing shoulders and fighting for the second spot, now Ethereum has run away with it.
Investors Believe XRP Dump By Ripple Is Affecting Prices
Because of the recent poor performance, XRP investors are calling for a radical move from Ripple.
Investors have signed a petition asking Ripple to stop dumping XRP. As we know, oversupply leads to price drops. Nowhere is it truer than in the crypto market. When a whale has placed a huge sell order, prices plummet in minutes. This has been the case with Ripple. The company has recently been dumping XRP leading to price falls.
The petition noted:
“If they stop selling, its more likely the strong demand for this quality coin will naturally pump the price back to ATH and beyond!”
As we reported a few weeks ago, Ripple had dumped more than 2.425 Billion XRP tokens since 2014. In Q1, 2019 the company had sold $169.42 Million worth of pre-mined XRP tokens. This was set to be the pattern for the rest of the year as they sold over $250 million worth XRP in Q2.
As the petitioners noted, if Ripple can stop this dumping, this will create strong demand and prices will rally. A rally is something that XRP really needs and maybe Ripple will honor investor's request to help improve its position.
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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