Sale of Ripple (XRP) Tokens Blamed for Collpase in Value | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
According to an article published by Bloomberg on August 23, the reason why XRP price has been falling during 2019 could be due to a continuous sale of XRP by Ripple. In response, people have started an online petition on change.org called “stop Ripple dumping”.
What Happened to Ripple?
Bitcoin along with most of the other cryptocurrencies have shown excellent signs of recovery through 2019 so far, according to data from CoinMarketCap. The overall cryptocurrency market rose from around $125 billion from January 1, 2019, to a maximum of $387 billion by June 26, 2019, an increase of more than 200 percent. Though this has changed significantly with the current total capitalization is hovering at $262 billion.
However, not all cryptocurrencies benefited from this recovery. In particular, it seems that the bear market for XRP never came to an end. Even though its market position remained stable in third place with a capitalization of $11.5 billion, the token has recorded a loss of 20 percent since the beginning of the year.
Cause and Effect
XRP is a “cryptocurrency” (only by name) that got increasingly popular as big financial institutions would start to use it as an alternative for international settlements. Apparently, that is what Ripple Labs, the primary firm behind the development of the Ripple Payment Protocol, is working on. They are making dozens of partnerships with financial institutions all over the world in order to establish Ripple technology as a standard for cross border payments.