“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.
Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000
Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.
A Possible Crash Below $2,000 For Bitcoin (BTC)
Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.
Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.
Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.
While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.
All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.
At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.
Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price
Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder.
Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet
According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.
McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.
Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.
McCaleb’s Dump of XRP Impacts of Asset’s Market Price
Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.
Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.
Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”
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