Ripple Might Not Stop Dumping XRP Anytime Soon But Price Might Find a Silver Lining in Upcoming Event
- XRP bagholders: Ripple is to blame for XRP dumping
- Petition to “Stop Ripple dumping” & also to “Increase the “Dumping” of XRP”
- Ripple Not Going to Stop Dumping XRP Anytime Soon
- Are we going to see a “Swell Pump by Ripple” again this year?
The third-largest cryptocurrency last week was worth less than a quarter.
XRP price went down to $0.249 on Sept. 6. Last time, this digital currency was this cheap was in December 2017, right before it skyrocketed to $3.40.
However, the best performing asset of 2017 bull run — with 36,018% gains — is currently down more than 92% from its all-time high (ATH).
At the time of writing, XRP/USD was trading at $0.260 with 24 hours loss of 1% while managing the daily trading volume of $43.5 million, as per Messari.
XRP bagholders: Ripple is To Blame for XRP Dumping
XRP enthusiasts and bag holders blame Ripple for dumping the digital asset and pushing its price down.
In Q2 of 2019, Ripple sold a total of $251 million, an increase of over 48% from Q1’s $169 million in sales.
However, in its future projection, the company said,
“Ripple plans to take a more conservative approach to XRP sales in Q3.”
Just last week, Ripple transferred 500 million XRP tokens worth around $130 million from its escrow wallet.
Also, 100 million XRP was moved from Ripple to its original founder Jed McCaleb who later founded a competitive cryptocurrency Stellar.
Petition to “Stop Ripple dumping” & also to “Increase the “Dumping” of XRP”
Ripple’s XRP dumping habits forced people to start a petition “Stop Ripple dumping.” Ripple dumping the digital assets in ‘billions’ is why it says XRP price keep on going lower despite the company signing new partnerships.
“Its amazing this sort of behaviour is widely accepted in the crypto world. Sure we know that XRP is a solid coin with major potential but this needs to stop!”
The petition has got 3,562 signatures till now and is aiming for 10k.
However, even the XRP community is not clear what it wants from the company. In another petition called “Ripple Must Increase the “Dumping” of XRP” that has received 300 signatures, the bagholders want Ripple to stop holding on to XRP and do what’s right for the world, which is,
“Unleash the Utility! Get the greatest digital asset ever created into the hands of people that can use it.”
Ripple Not Going to Stop Dumping XRP Anytime Soon
These bag holders just might have their wish granted because Ripple doesn't seem interested in stopping it anytime soon.
I'm afraid we're going to massively disappoint you.
— David Schwartz (@JoelKatz) September 7, 2019
With Ripple’s Swell event coming on November 7 and 8, the price might start seeing some greens finally.
Starting in 2017, Ripple hosts an annual conference each year that welcomes the leaders in the finance and tech space.
As Analyst Pierre notes,
“Are we going to see a “Sweel Pump by Ripple” this year again? Was an easy and profitable long last year. Keeping a close eye on XRP for the next couple of weeks and months.”