XRP Army Ready to Revolt as Ripple Forking Idea Gains Traction: But Can It Actually Happen?
The XRP Army is looking to revolt following the latest Ripple Labs’ 500 million XRP dump in the market. A prominent figure in the Twitter battalion, BitLord, who made a name praising XRP is looking to initiate a fork on the blockchain following the quarterly dumps by the token’s largest custodian.
The investors are losing confidence in XRP as the price continues to tumble, currently trading at $0.26 USD as at time of writing. The digital asset, ranked as the best performing asset during the crypto boom in 2017, has seen its fortunes change two years later as the token trades 90% lower than the all-time high (ATH) price.
The cause of the tumble stems from the general bearish altcoin market, Jed McCaleb (the founder of Stellar and Ripple) dumping of 500,000 XRP a day and Ripple Labs itself has been selling off massive amounts of XRP each quarter.
The increasingly dire situation of the third largest cryptocurrency in market capitalization is causing unrest among investors. The artificial increase of supply in the market and the downward price effect has brought together a petition from thousands of XRP investors to fork the blockchain – effectively reducing the control Ripple Labs has over the token.
The XRP Army Revolts
“Crypto BitLord”, a prominent XRP proponent on Twitter, started a petition on Change.org, asking XRP investors to fork the blockchain in response to the ongoing selloff by Ripple Labs each quarter. Part of the XRP Army is feeling undone by the struggling price of Ripple at the moment which has led to thousands of XRP investors to sign the petition.
In a tweet that has garnered hundreds of likes and retweets, Crypto BitLord, asks the community to join him in his fight against the founders’ dumping.
A revolt on Ripple Lab's blockchain? Crypto BitLord thinks so.
Ripple Labs holds the Power
Despite the move by a section of the XRP Army to fork the blockchain, the actualization of the fork is not likely to happen. Well, forking the network is easily possible but gaining the trust of the rest of the community to switch to the new chain is almost impossible.
With Ripple Labs as the largest holder of XRP, the main developer and a number of projects with the big financial institutions, forking them out would leave the network with gaps in development and leadership. The increasing feuds in the community is taking its toll on the price and a quick end to the fork drama and discussions with the primary developer on their “quarterly dumps” is needed to get XRP back on track.