Fri. Aug 27th, 2021

    A Twitter user with the nickname Crypto Bitlord has issued a petition on the site Change.org in which he called on Ripple to stop “dumping” XRP tokens owned by the company on the market.

    “Ripple is putting a lot of pressure on the price of XRP, selling billions of coins,” he writes. – I can’t understand how such unscrupulous behavior can be accepted in the cryptocurrency world. It is known that XRP is a good high-tech coin with great potential, but the actions of its issuer must be stopped!”.

    The author is indignant about the fact that Ripple publishes news about a new partnership with another bank every day, but the XRP rate still falls.

    “There is only one logical explanation for this phenomenon – Ripple constantly merges its coins to ordinary users like us. And not in small portions. We are talking about billions, ” the author of the petition adds, referring to the reports 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 and pump. Just like in the good old days… if they stop artificially inflating the supply on the market, the exchange rate can grow to a historical maximum and even higher in a natural way, ” he concludes.

    According to the latest data, 750 people signed the petition. The author claims that more than 10 thousand signatures are needed.

    Recently, 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, out of 100 billion XRP, only 40 billion were initially put into circulation. To maintain the course, the developers “froze” the remaining XRP with a simple smart contract that releases them in small portions over several years.

    In May 2017, Ripple re-froze the 55 billion XRP remaining at its disposal on escrow accounts, with 1 billion coins being unlocked every month. Thus, 27 billion XRP has already been unlocked, and the entire amount will become 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, this process has accelerated now, but even if it stops for a while, the very possibility of mass sale of coins will constantly put pressure on the market.