Ripple Responds To The Latest XRP Analysis Revealed By Bloomberg
Ripple and XRP have been in the spotlight a lot and now a Bloomberg report involving XRP triggered a response from Ripple.
The Daily Hodl reports that “XRP, down 22.91% year-to-date, joins Stellar (-36.99%), IOTA (-22.71%) and Tron (-5.26%) as the four large-cap crypto assets that have nose-dived this year.”
Ripple ownership of XRP, seen as problematic
During the past week, Bloomberg released a report that is citing Ripple’s ownership of more than half of the supply of XRP and the routine sale of the digital asset as reasons that could have triggered the sluggish performance of XRP.
The same report also makes a reference to a petition that has managed to gather over 2,000 signatures and urges Ripple to stop selling XRP.
Ripple wants to boost adoption of XRP
You may know that the company does this routinely in order to run its business and fund startups that are aiming to boost the adoption of XRP and the blockchain tech.
“[Ripple’s] reports show it’s been selling the coin at an increasing pace – though Ripple said Friday it doesn’t view it that way. Co-founder Jed McCaleb, who is no longer at Ripple, alone sells 500,000 XRP daily, according to Coin Metrics.”
Ripple responded to Bloomberg:
“Ripple, for its part, disputed the increase. Programmatic sales of XRP ‘as a percentage of volume and the actual supply inflation rate were lower’ than for Bitcoin or Ether.”
The company continued and said: “Sales had been tied to trading volumes reported by exchanges, and recognizing that some platforms were misreporting volumes, Ripple has ‘substantially reduced XRP sales,’ a trend that’s expected to continue this quarter.”
At the moment of writing this article, XRP is trading in the red and the coin is priced at $0.268115.
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.