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Ripple accused of artificial pressure on the price of XRP



Twitter user Crypto Bitlord petitioned Change.org in which he urged Ripple to stop "throwing" the company's XRP tokens on the market.

"Ripple puts a lot of pressure on the price of XRP by selling billions of coins," he writes. – I do not understand how you can accept such dishonest behavior in the world of cryptocurrency. It is known that XRP is a good, technologically advanced coin with great potential, but the actions of its issuer must be stopped! "

The author is outraged by the fact that Ripple announces news of a new partnership with another bank every day, but the XRP rate keeps falling.

"There is only one logical explanation for this phenomenon – Ripple constantly connects its coins with ordinary users like us. And not in small portions. We are talking about billions, "adds the petitioner, referring to statements published by the company.

"Imagine a world where Ripple doesn't have such a negative impact on prices. We all know what will happen in this case – the price will rise. We will pump and pump. As in the good old days … If they stop artificially inflating the market supply, then the rate may rise to a historical maximum, and even in a natural way – he concludes.

According to the latest data, 750 people have signed up for the petition. The author claims that over 10,000 signatures are needed.

One day Coinshares presented a semi-annual report on the state of the cryptocurrency market, in which he called XRP "the worst investment in the first half of 2019".

Ripple cryptocurrency was launched by Ripple Labs in 2013. At the same time, out of 100 billion XRP, only 40 billion was originally put into circulation. To keep the course, programmers "frozen" the other XRPs with a simple, intelligent contract, releasing them in small portions for several years.

In May 2017, Ripple again frozen the 55 billion XRPs available on trust accounts, releasing 1 billion coins every month. In this way, XRP 27 billion has been unblocked, and the entire amount will be available by the end of 2021. Of course, the company is not obliged to bring all these coins to the market and has so far issued them in fairly moderate quantities. Apparently this process has accelerated, but even if it stops for a moment, the mere possibility of mass selling coins will constantly put pressure on the market.

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