Troubled investors support petition launch of an investor in his attempt to stop Ripple from “dumping” more XRP.
The petition is unlikely to have even the slightest of effect on how Ripple sells their XRP holdings to fuel their operations, which promises to bring storming changes to the prices of cryptocurrencies.
The recent situation surrounding XRP has already been damaged by the news of Ripple selling considerable amounts of XRP every quarter to guide their selling.
XRP Fork – Possible Or Not?
XRP fork possibility, whether serious or bluff, is unlikely to succeed, unlike the Ethereum fork we just saw.
Crypto_Bitlord revealed on 26th August about his plan of an XRP fork if Ripple doesn’t stop dumping. Taking to Twitter, he revealed about contemplating an XRP fork to avoid dealing with that fact.
He confirmed the plan to an extent on 6th September via twitter saying they are going ahead with the plan of forking XRP. Although when approached by Cointelegraph on the same he clarified they aren’t forking it but starting from scratch.
Is Ripple Responsible for XRP’s Recent Bearish Movement?
XRP witnessed a considerable bearish movement in late August and early September. Although, unlike other major cryptocurrencies, XRP did not incur any upward movement in the first half of the year.
The co-founder of Multicoin Capital hedge fund, Kyle Samani spoke to Bloomberg about the lackluster price action of XRP, stating that steady quarterly sales of XRP by Ripple might be responsible for the token’s upward movement.
Investors Created a Petition Demanding Ripple to Quit “Dumping” XRP
The recent price action of XRP has influenced over 2,200 investors to collectively sign the petition that demands Ripple to quit “dumping” their XRP holdings into the market to fund their activities. This is only natural since it hurts people’s investments, whether through exchanges or trading platforms.
The petition, created by Crypto_Bitlord, states the quarterly XRP sales by Ripple to be the source behind the token’s recent crash. He stated that as Ripple continues dumping XRP in billions on the market, it leads to price crashing.
Despite the anger of Crypto_Bitlord, he notes that many others along with himself believe the potential in XRP due to the multiple partnerships orchestrated by Ripple with major companies and banks.
Anyway, Ripple has to face angry investors in court. The company is still dealing with the line of lawsuits filed by angry XRP investors so no matter what happens, Ripple will have one or another problem handy to keep busy.