The XRP holders are very insecure about the behavior of Ripple, as the blockchain firm allegedly keeps on manipulating the market claims the investors. A recent donation of 1 billion by Ripple to Coil has raised a FUD among XRP holders.
As things stand, Ripple is just like a riddle that XRP community cannot sort out or understand. Even though Ripple has an indirect influence on XRP with its developments but on the other side, Ripple also holds the majority of XRP’s and with Ripple dumping the XRP coins in a large number hasn’t amazed the investors. A user on Reddit questioned Ripple’s recent donation of 1 billion XRP to the startup, stating:
“I see the potential for XRP for sure, but how can we ever expect it to appreciate when millions can be sold off on the market to fund various startups and whatever else? Is there a way it wouldn’t dump the price? I would think the price will take a dive and then recover overtime – if and it’s a big if people still think it’s a good investment.”
However, the XRP community is very much hopeful about the future of the digital asset, but they have a problem with Ripple because of the way it has been handling XRP and its price.
Such significant investments may help Ripple in long-term progress, but these massive movements have had a bearish impact on the price of XRP. That’s why it’s on the record that XRP is the lowest-performing crypto among other top digital assets this year so far.
A few weeks ago, XRP touched the lowest price mark of $0.252 since late 2017. This shows that Ripple has had an impact on XRP in a negative way. The co-founder of Multicoin Captial hedge fund, Kyle Samani, in his interview with Bloomberg stated that the rise in Ripple’s quarterly XRP sales had led the digital asset to a bearish trend.
Also a veteran crypto analyst, Peter Brant recently mentioned that XRP price would dip up to $0.20. Brant, with all his experience and observation, predicted the upcoming price of XRP could further go down, as Ripple goes on to sell XRP. Also, in a series of tweets, he claimed that Ripple has been manipulating the market price of XRP. Brant said:
“The chart pattern for many, many months has shown the distribution of XRP by Ripple, it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.”
He used the word ‘manipulating’ because the way Ripple has controlled XRP price with the significant market whales, XRP sales, and donations. However, in consequence to the continuing bearish trend of XRP, almost over 2K+ investors have signed a ‘change.org’ petition asking for the fintech firm to quit dumping their XRP holding onto the market.
Due to these circumstances, the investors had enough of Ripple’s dominance, and a petition was started by Crypto Bitlord, demanding Ripple to stop what they are doing with XRP and crashing its price.
Despite all the grief, investors still believe that long-term success lies with the development of Ripple and its collaboration with financial firms will help the coin to rise in coming time. But, at the moment, things remain uncertain among the XRP investors, and they want Ripple to act professionally.
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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