XRP keeps on dumping as the prices reach rock bottom which caused a tweet war among the crypto community as we are reading further in the XRP news below.
The San Francisco based fintech company started off the year with a very questionable price movement. XRP keeps on dumping as 200 million XRP was transferred from the Ripple Escrow wallet to Ripple according to the whale alert account. Another alert suggested that the company was preparing to dump the coins onto the market putting more pressure on the already crashed token prices. The research firm Weiss Ratings recently commented on the about the price movements:
“2020 at Ripple begins with a further release of XRP tokens worth $192 million as part of a planned incentive scheme. These constant dumps that Ripple makes are not helping the price of XRP, that’s for sure.”
The reaction was quite enthusiastic to say the least and most of the responses were defending the actions of the blockchain company. Some users even pointed out that this was just another Ripple’s monthly escrow releases and that none of them will ever enter the markets:
“It’s the monthly escrow release, doesn’t mean all of it gets sold, on the contrary the monthly sales is restricted based on a small percentage of the overall trading volume. Also Ripple confirmed that they will sell almost nothing in the coming quarters. Please do your research.”
The Ripple founder Brad Garilnghouse commented back in August and the XRP sales were about helping the expansion of the asset’s utility and not dumping on investors. The crypto community remained deeply divided and now the XRP users appear to be fanatical about the cryptocurrency and its movement. There’s no denying that the XRP has been one of the worst-performing crypto assets in 2019 and since last year it has dumped 50% from $0.375 to the current levels of $0.187.
The last price level seems appropriate for XRP as it slides a further 3% on the day falling all the way to a new low that was seen in September 2017. The market capitalization has also declined to $8 billion which is far away from the epic $150 billion that was invested in the asset during the crypto bubble two years ago.
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