As XRP cryptocurrency is reducing its value drastically these days, its investors are worried and keep blaming parent company Ripple. XRP proponents are shouting Ripple to bailout, demanding to stop dumping XRP sales.
Undoubtedly Ripple, the parent company behind XRP, is accused of selling one billion XRP every month. The practice was reportedly started back in Dec 2017, and as per the quarterly report, Ripple followed the same practice.
Nevertheless, Ripple publishes a report of every quarter, showing the sales figures for the XRP within the preceding three months. Community and XRP bag holders are heavily criticizing the company, saying that the Ripple’s action of dumping XRP every moth is causing the token to tumble continuously.
As we reported a few days ago, XRP fans started a petition on Change.org urging Ripple to stop dumping billions of XRP and crashing the price. Consequently, the petition has gained nearly 5000 signatures so far. You can check the progress of petition here -> https://www.change.org/p/ripple-stop-ripple-dumping
While community and investors keep shouting Ripple over the continued flooding of the XRP into the market and causing the XRP to decline, it’s worth noting that the whales’ transfer of millions of XRP has seen quite common lately.
However, what’s pulling the XRP price down is yet to ascertain, but the observers are highly skeptical on Ripple’s movement of flooding XRP. On the other hand, Ripple CEO Brad Garlinghouse responded t the criticizing comments, stating that the frequent release of XRP is to fund the blockchain projects.
In fact, in his series of Twitter thread, Brad says, they’ve already reduced the volume of sale from the quarter over quarter. Moreover, he refuted the claims and said that the rate of inflation of XRP is lower compared to BTC or ETH.
Even CEO’s response didn’t stop XRP community complaining about the firm, one Ripple proponent who goes by the moniker “Tony Valentino” on Twitter began a new hashtag on the matter. He urges the community to ask, “When Bailout, instead of When moon.” Backing his comment, a significant part of the community believes that XRP will regain its value when the company stops dumping the tokens on bag holders. He tweeted;
As for the current price of XRP, it has declined by 0.79 percent over the past 24 hours as the native cryptocurrency of Ripples trades at $0.25. Besides standing on the third-largest spot, XRP holds current market capitalization of $10,986,735,745.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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