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HODLers Plead With Ripple Inc. Not To Dump XRP Tokens Anymore

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HODLers Plead With Ripple Inc. Not To Dump XRP Tokens Anymore

“Ripple Inc. is manipulating XRP’s price,” a notion held by several members of the crypto community. Now, the XRP army is pleading with Ripple Inc., the blockchain company behind XRP, the third-largest cryptocurrency, to stop dumping the crypto asset in the market. In their opinion, scarcity will help drive XRP’s price even above its all-time high.

XRP Proponent Files Petition Against Ripple Inc.

Crypto Bitlord, an XRP proponent, began a petition against Ripple on the platform change.org. The petition has already been signed by 2,342 people with a target to hit 2,500 and even 10,000. According to Crypto Bitlord, Ripple needs to stop dumping billions of XRP into the crypto market because it has significantly crashed the crypto asset’s price.

Furthermore, XRP’s dump in price is happening even in the face of the blockchain company’s partnership with major banks and financial institutions. Thus, this shows that more XRP being pumped into the market has not done its price any good, which Ripple needs to stop.

Ripple’s Report Shows Series of XRP Dump to the Market

Crypto Bitlord was also quick to tie their comments to certain reports disclosed by Ripple. For instance, Ripple released its second-quarter report, which shows that it had sold a total of $251 million worth of XRP in the quarter alone. While XRP worth $106.87 million was sold in direct institutional sales, XRP worth $144.64 million was sold in programmatic sales. 

The crypto enthusiast also said:

“XRP is a solid coin with major potential, but this needs to stop! Now imagine a world where those coins aren’t dumped… where the buyers get to buy without dumping and price suppression.”

Some of those who signed the petition also gave reasons why they did so. A user, for instance, said they have been holding XRP for the past two years. However, while other crypto assets have surged in price, XRP has been stable. “Definitely there is a conspiracy,” the user said.

Peter Brandt Says Ripple Has Been Manipulating XRP’s Price

Prior to this time, certain members of the crypto space had opined that XRP’s price is being manipulated. Peter Brandt, a professional crypto trader, said on August 14, 2019, that the chart pattern on how XRP is distributed reveals that Ripple has manipulated its price to maintain its support. Brandt also remarked that XRP could tank to $0.020725 if care is not taken.

XRP, on the other hand, is currently valued at $0.268 and has been struggling between the $0.25 and $0.28 range in the past few days. The crypto asset’s price today, is a 93.02% decrement from its all-time high of $3.84 on January 4, 2018, according to Coinmarketcap.

The decline is significant, especially when compared to Bitcoin, which is 49.34% away from its all-time high of $20,089.

Cryptocurrency

AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

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AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

The world’s leading movie theatre chain will be accepting Litecoin, Ethereum, and Bitcoin Cash in addition to Bitcoin as payments for confectionaries and movie tickets at all its U.S. outlets before December 31.

This is according to a Twitter announcement made by the Company’s C.E.O Adam Aron on Thursday morning sending out a wave of bullish sentiments on the three cryptocurrencies by crypto enthusiasts.

“Cryptocurrency enthusiasts: you likely know AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash.” 

Last month, the C.E.O in an early morning earnings call had disclosed that AMC was actively engaged in setting up payment systems that would allow movie enthusiasts to pay for various services and purchases using Bitcoin. He had also acknowledged receiving a lot of inquiries from users and shareholders on the possibility of the company accepting payments in crypto which could have largely informed Thursday’s announcement.

Although Litecoin foundation did not respond to the statement in writing, Litecoin’s news page and Charlie Lee, the founder of Litecoin retweeted AMCs announcement gesturing their affirmation.

Broadening the crypto payments net

Litecoin has been making inroads in institutional halls thanks to its long-term persistence and reliability. Its completed MWEB upgrade project which allows the network to become much more scalable and make transaction amounts un-viewable to the public makes Litecoin the ideal choice for payments while protecting users’ data.

According to the Litecoin Foundations Q1 report, various companies have already announced that they’re integrating Litecoin including Paypal, Vaultoro, Flare Network, Moon among others. Its successful payment integrations have also attracted a fair share of challenges with a recent false report that Walmart was integrating Litecoin in its payment network.

Bitcoin cash which fulfills the original promise of Bitcoin as “Peer-to-peer electronic cash” could also see mass use given its fast transactions, low fees, and reliable confirmation. It also allows use on a large list of wallets including Ledger and Trezor among others, which are synonymous with most U.S. crypto owners. Its discounts on payments due to the elimination of credit cards are likely to attract most AMC movie enthusiasts looking to pay using this method.

On the other hand, Ethereum payments to the company could be fulfilled through Ethereum-Pay,  a decentralized ERC-1363 payable token built on the secure Ethereum network specifically tailored to be integrated with E-commerce transactions. 

EthereumPay creates a universal payment platform that allows merchants & users around the world to do business with each other instantly and cheaper than ever. Ethereum payments are accepted by companies including Sotheby, Overstock, Gipsybee,  Shopify CheapAir, Tripio among others.

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Crypto Researchers Concerned About The ‘Centralized Structure’ Of The Binance Smart Chain

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Crypto Researchers Concerned About The 'Centralized Structure' Of The Binance Smart Chain

Binance Smart Chain has been rising in popularity as interest rates from different parts of the world, including South Korea, sent the network’s transaction records to new highs. However, this has not deterred analysts’ from pointing out the increasing level of centralization within the network. Ryan Watkins, a Messari analyst recently addressed the influence that Binance has on the entire Binance Smart Chain, explaining that most of the commendable progress made on the network is not the result of the implementation of innovative concepts. Rather, it is a product of Binance’s control over the BSC network.

“The reason why BSC is faster and more scalable is not because of some magical technological innovation. No, it’s instead the magic of centralization. BSC is an Ethereum fork with a centralized validator set. That’s it. Nothing more.” He wrote on Twitter.

Unlike some other networks, the Binance Smart Chain has a total of 21 validators (people who verify the transactions and confirm their legitimacy, before adding them to the Blockchain). These validators are handpicked by the Binance Chain, further strengthening the notion that the network may be more centralized than it shows itself to be. 

Wilson Withiam rolls out some points to consider, starting with the pattern of resetting active validators, which is determined by the voting power of each validator. He notes that BNB staking and delegation is carried out on the Binance Chain, by Binance Chain validators as well.

In essence, Withiam argues that the pattern of validator distribution across the Binance Smart Chain is questionable as the identities of those behind the nodes in the validator sets are not made transparent. As he puts it “BSC now supports several third-party validators, although at least 5-6 others have close ties to Binance. The distribution of validator accounts is far less clear for Binance Chain.”

To dispute that Binance’s user experience is not ahead of other networks is false, and Withiam agrees with this. Even Watkins acknowledges this as he noted that BSC has fueled mainstream adoption of DeFi “Binance has incredible reach and influence and has used that to funnel a boatload of new users in DeFi. Binance executes period. That’s why BSC is winning.” He asserted. 

However, he argues that speed and scalability outside Ethereum without sharding or a centralization can only be legitimately found on the Solana Blockchain. Conclusively, Withiam urges BSC users to poke into the network, enough to understand where the loopholes are. 

“For those using BSC, take the time to understand the topology of the network. Sure, the fees and speed (both UX factors) are undoubtedly preferable. But strong censorship resistance and fault tolerance are not part of the package.” He wrote in conclusion.

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