Crypto traders will have to deal with more dumping if David Schwartz’s comments are anything to go by. According to the Ripple Chief Technology Officer, Ripple will continue to intervene in the XRP trade regardless of how most traders want it to be.
While responding to a twitter post made by a trader asking Ripple to cut its ties with the XRP ecosystem, David Schwartz boldly pointed out that such users will have to face disappointment.
It is important to note that Ripple is the parent company to XRP, and it controls more than half of the total supply of the tokens. Traders and other market analysts have pointed out severally that Ripple has been messing with the XRP ecosystem to boost their quarterly sales. The claims are somehow valid considering how Ripple earnings grew exponentially with a decrease in the value of their token.
Ripple trades out tokens every month through an over-the-counter system. The adverse effect of this selling mechanism is evident by how XRP value continues to diminish every time the volume of XRP is increased in the market. Currently, XRP trades at $0.260827, compared to how it was selling at the beginning of August at $0.306181.
Last month, a petition was started seeking to stop Ripple from dumping more tokens into the ecosystem. Currently, the petition has more than 300 thousand signatures which shows the great support that the appeal has.
However, according to Ripple, they claim that there over-the-counter sales do not affect the price of the token. Ripple maintains that their token’s inflation remains lower than that of BTC and ETH. If the petition does not succeed in stopping Ripple from dumping more tokens into the ecosystem, then XRP investors should brace themselves for even further price falls of the token.
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