XRP evangelist is calling for a fork of the altcoin in order to prevent Ripple from dumping many coins on the investors for profit. How can this be prevented, we find out in the coming altcoin news below.
Every quarter, Ripple publishes a report where it shows that the sales figures for the tokens within the next three months. The critics say that the company is dumping the tokens for profits while the value of the coin will continue to tumble. The XRP evangelist who goes under the name ‘’Crypto Bitlord’’ is proposing a way forward by forking the cryptocurrency. In a tweet, the Crypto Bitlord suggested that XRP should be forked and according to his statements the plan is a way of combating the alleged dumping by ripple. Back at the start of the month, the XRP evangelist clashed with Ripple over the flooding of tokens into the market that likely caused the price of the cryptocurrency to decrease in value.
Like many other discussions in the industry, the question of whether Ripple is dumping XRP tokens in order to detriment the bag holders is one without a clear consensus. As previously reported by some of the best cryptocurrency news sites, you could read that Ripple Labs earned more than $530 million from dumping XRP in 2018. The company was raking in profits but the investors say there was more than an 80 percent decline in the value of the token. For Ripple, the debate surrounding the dumping issue is the one that can be attributed to the FUD. The Ripple CEO Brad Garlinghouse revealed that the company reduced the XRP sales on a quarterly basis as of August 27th.
In the meantime, Whale Alert tweeted that more than 522 million XRP was transferred from Ripple to an unknown wallet and this information spiked fears of renewed dumping by the company. According to the CEO of the company, the focus for the company is the expansion of XRP utility. Garlinghouse continues to hold firm to the belief that the cryptocurrency can find a useful application in the payments scene by doing well with correspondent banking.
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