“Ripple Inc. is manipulating XRP’s price,” a notion held by several members of the crypto community. Now, the XRP army is pleading with Ripple Inc., the blockchain company behind XRP, the third-largest cryptocurrency, to stop dumping the crypto asset in the market. In their opinion, scarcity will help drive XRP’s price even above its all-time high.

XRP Proponent Files Petition Against Ripple Inc.

Crypto Bitlord, an XRP proponent, began a petition against Ripple on the platform change.org. The petition has already been signed by 2,342 people with a target to hit 2,500 and even 10,000. According to Crypto Bitlord, Ripple needs to stop dumping billions of XRP into the crypto market because it has significantly crashed the crypto asset’s price.

Furthermore, XRP’s dump in price is happening even in the face of the blockchain company’s partnership with major banks and financial institutions. Thus, this shows that more XRP being pumped into the market has not done its price any good, which Ripple needs to stop.

Ripple’s Report Shows Series of XRP Dump to the Market

Crypto Bitlord was also quick to tie their comments to certain reports disclosed by Ripple. For instance, Ripple released its second-quarter report, which shows that it had sold a total of $251 million worth of XRP in the quarter alone. While XRP worth $106.87 million was sold in direct institutional sales, XRP worth $144.64 million was sold in programmatic sales. 

The crypto enthusiast also said:

“XRP is a solid coin with major potential, but this needs to stop! Now imagine a world where those coins aren’t dumped… where the buyers get to buy without dumping and price suppression.”

Some of those who signed the petition also gave reasons why they did so. A user, for instance, said they have been holding XRP for the past two years. However, while other crypto assets have surged in price, XRP has been stable. “Definitely there is a conspiracy,” the user said.

Peter Brandt Says Ripple Has Been Manipulating XRP’s Price

Prior to this time, certain members of the crypto space had opined that XRP’s price is being manipulated. Peter Brandt, a professional crypto trader, said on August 14, 2019, that the chart pattern on how XRP is distributed reveals that Ripple has manipulated its price to maintain its support. Brandt also remarked that XRP could tank to $0.020725 if care is not taken.

XRP, on the other hand, is currently valued at $0.268 and has been struggling between the $0.25 and $0.28 range in the past few days. The crypto asset’s price today, is a 93.02% decrement from its all-time high of $3.84 on January 4, 2018, according to Coinmarketcap.

The decline is significant, especially when compared to Bitcoin, which is 49.34% away from its all-time high of $20,089.

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Ripple has published its XRP Markets Report for the second quarter of 2019. The report notably mentions a few interesting things about the firm’s 2^nd quarter achievements and includes a few new decisions the firm will be taking, including a change in its volume benchmark.

According to the publication, Ripple very strongly believes in “proactive transparency and in being a responsible stakeholder” and will continue ensuring these with its transparent quarterly reports.

Underscoring Ripple’s Q2

Some of the highlights mentioned include the following

·      XRP’s spread is rapidly increasing wit Ripple’s efforts to keep this up. Compared to 120 in Q1 of 2019, the report states that XRP is now listed on 130 exchanges worldwide.

·        In Q1, Ripple sold a total of $169.42 million worth Of XRP. By Q2, this number had increased by more than $82 million to $251.51 million worth of XRP. It is also noted that the firm’s future XRP sales will be “substantially reducing.”

Volume Benchmark

Ripple, and pretty much the entire sector at large, has always been plagued with deliberately misreported trading volumes with a lot of overblown figures. This is one of the ideas that birthed CryptoCompare – a need to evaluate and give proper reports to institutional and retail investors. The report now notes that Ripple will officially use CryptoCompare’s Top Tier (CCTT) to reduce the likelihood of false data.

“For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data.”

RippleNet

Ripple’s network of financial institutions which uses the firm’s solutions for their core businesses, recorded a considerable surge in the number of transactions and official partners.

The report notes that the number of xRapid transactions successfully settled in Q2, increased by 170% from the number in Q1. Furthermore, Ripple’s Xrapid in Q2, recorded a 30% jump in the number of active partners, from Q1.

CEO Weighs In

Ripple’s CEO, Brad Garlinghouse, has also taken to Twitter to reiterate the firm’s commitment to transparency. According to him:

“In this nascent industry, we need to be transparent and urge others to do the same. As a responsible stakeholder of XRP, @Ripple is confronting this issue by updating the benchmark for market volume and reducing future sales of XRP.”

The report also encourages other players in the sector to follow suit.

“Ripple urges others in the industry to follow its lead to build trust, foster open communication, and raise the bar industry-wide.”

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Popular crypto analysts voice his opinion about the XRP cryptocurrency in a recent tweet, bashing the third most valuable cryptocurrency on Twitter in a reply to Whale_Alert’s notification about Ripple’s XRP release from escrows wallet.

XRP is a Scam!?

A popular crypto analyst known for his vivid analysis on cryptocurrencies, most especially bitcoin, bashes the third most valuable currency in recent Tweet. @Don_Juniors13, as he’s known on Twitter, questions Ripple’s move, releasing $1 billion XRP tokens from its reserve – the escrow wallet.

In his opinion, Don Junior believes such movement should affect the XRP positively, thereby concluding that the XRP was nothing but a scam and a ‘shitcoin’.

Don Junior, whose tweet didn’t go unnoticed had responses from the crypto community; some in favor and some against. However, one of the commenters, by the name RivAngE highlighted interesting points why XRP’s price might not be positively affected after each release. In RivAngE’s opinion, most of the released XRP goes back into escrow.

The Purpose Of Released Funds

According to a report released by Ripple, it was clear that Ripple’s main aim of releasing the funds was to improve the ecosystem.

The report stated, the development team only used 700 million XRPs out of a combined 3 billion tokens released out of the escrow wallet between January and March of 2019.

This was approximately $169.42 million dollars at the time. The report also stated that the unused funds, 2.3 billion XRPs were returned and put into a new escrow contract.

It was alleged that the used funds went into different XRP-centric apps that will be beneficial to the community and the XRP cryptocurrency in the long run.

XRPs Price Unaffected By Founders Activities

As rightly noted by Don Junior, the recent fund’s movement has made no significant effect on XRPs price whatsoever.

Though XRP’s price has rallied significantly, setting a new YTD high, in the past 24hrs, the price of XRP has seen a 3.38% loss.

At the time of reporting, XRP trades at $0.39 with a market capitalization of over $16 billion.

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XRP, the third on the list of the largest cryptocurrency by market cap has got many wondering if this coin could see a massive rise in 2019 which may continue for the long term. However, most cryptocurrency analysts and experts have the belief that XRP will not only get to new highs but also permanently take the second position as the largest cryptocurrency by market cap.

Certainly, Xrp much in stock to beat expectations this year. It keeps adding big new clients such as banks across the globe with many financial institutions also making use of its protocol to be able to transfer money across borders. This and many other factors explicitly shows how undervalued XRP is and how 2019 can be the year to incline by market cap and value significantly.

Moreover, xRapid the XRP powered payment processor has been saving businesses and banks some money and is even more helpful this year as more entries of companies are being realized. Given this, XRP is appealing as a coin that aids real-world issues and also saving money. Currently, xRapid is increasingly serving quite a fair number of client and if the numbers go up, then this can be a factor for XRP price rise and can be a key driver for Ripple in 2019.

When you begin to appreciate Ripple’s influence on the industry, you then start to comprehend its place in the crypto space. XRP is one of the most proficient payment networks in the world, with a technology that portrays it well-known for its digital payment protocol than being known as a cryptocurrency. With XRP, Ripple is in the process of attaining a global appreciation and achieving much success in the market.

XRP also plays out as a scaffold currency to different tokens without splitting among fiat and crypto and enabling trades between various coins. As indicated by Ripple’s own, David Schwartz, XRP is still on track with a goal of empowering the connection of various payment systems together.

In general, Ripple is one of the most projecting digital currency among the lot.  XRP is still trending and has much room for growth. I believe 2019 will be an excellent year for XRP, and it will keep that momentum for a very long time.

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XRP the native token of the San Francisco based technology giant Ripple came into the news after it was listed Coinbase, in the largest cryptocurrency exchange in the U.S.

In 2018, the Ripple team had tried to encourage Coinbase to list the token which they believed was not a security, and also promised the exchange a fund worth $100 million of XRP.

The exchange persisted that they will adhere to their policy in listing coins. However, many cryptocurrency users are of the belief that this listing could bring to a surge in the price of the coin which attained its highest value of $3.84 in mid Jan 2018.

XRP will still find it hard to attain a $1 value by the end of this year because:

1) Its change in price after the announcement was speculative: after the announcement, XRP surged in price by more than 6% and was the best performing coin among the top ten coins in terms of market capitalization. Presently, it is trading below $0.32 and has a negative price change of 1.08%.

2) Binance introduction of XRP pairs could not push the price: the Ethereum community were worried after Binance exchange introduced XRP trading pairs, changed Ethereum market to ALTS market and also placed XRP ahead of ETH even though its trading pairs was lower. That could not surge the price of XRP even though the exchange is the largest in the world.

3) The XRapid experience: in Sept 2018, after it was announced that XRapid will be launched within a few months. The price of the coin increased by more than 100% in 1 week and was tending towards $0.6. That was monumental even after the product was launched in October.

4) The non-performance of other coins listed: other coins had been listed in Coinbase especially ERC-10 tokens. The presence of these coins in Coinbase had not really brought an observable increase in their price. From this, one could really say that XRP might not attain $1 value by the end of 2019.

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