A Twitter user with the nickname Crypto Bitlord filed a petition on Change.org, which called on Ripple to stop “dumping” the company’s XRP tokens onto the market.
“Ripple puts a lot of pressure on the price of XRP by selling billions of coins,” he writes. – I can’t understand how such unfair behavior can be accepted in the cryptocurrency world. It is known that XRP is a good high-tech coin that has great potential, but the actions of its issuer need to be stopped! ”
The author resents the fact that Ripple announces every day the news about a new partnership with another bank, but the XRP rate is still falling.
“There is only one logical explanation for this phenomenon – Ripple constantly merges its coins with ordinary users like us. And not in small portions. We are talking about billions, ”adds the author of the petition, referring to the statements published by the company.
“Imagine a world in which Ripple does not have such a negative impact on pricing. We all know what will happen in this case – the price will rise. We will pump and pump. Like in the good old days … If they stop artificially inflating the supply on the market, then the course can grow to a historical maximum and even higher in a natural way, ”he concludes.
According to the latest data, 750 people signed up for the petition. The author claims that more than 10 thousand signatures are needed.
The other day, Coinshares presented a semi-annual report on the state of the cryptocurrency market, in which it called XRP “the worst investment in the first half of 2019”.
The Ripple cryptocurrency was launched by Ripple Labs in 2013. At the same time, of the 100 billion XRPs, only 40 billion were originally put into circulation. To maintain the course, the developers “froze” the rest of the XRPs with a simple smart contract, freeing them in small portions for several years.
In May 2017, Ripple re-frozen the 55 billion XRP remaining at its disposal on escrow accounts, unlocking 1 billion coins every month. Thus, 27 billion XRPs have now been unblocked, and in full this 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 so far it has spent them in fairly moderate portions. Apparently, now this process has accelerated, but even if it stops for a while, the very possibility of mass selling coins will constantly put pressure on the market.
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