A Petition Starts Asking the Ripple Company to Stop Dumping XRP Gains Momentum
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 eyebrows among XRP holders.
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 investors.
Just 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 Capital 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.
Similarly, 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. He used the word ‘manipulating’ because the way Ripple has controlled XRP price with the significant market whales, XRP sales, and donations.
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.
— Peter Brandt (@PeterLBrandt) August 14, 2019
A petition asking Ripple to stop the dumping of the XRP crypto has been published on Change.org. The hypothesis is that Ripple is placing on the market billions of XRP, causing the price to fall.
Now the petition has gathered momentum with over 2k investors signing it and asking the fintech firm to quit dumping their XRP holding onto the market.
The aim of the petition is to collect ten thousand signatures to support the cause and stop the price from falling, although there is no mention of how this could be done, or what they would actually do once the 10k signatures have been collected.
Despite the low market prices, the XRP community is very much hopeful about the future of the digital asset.