free web hit counter

Ripple CEO Addresses Concerns In XRP Community

Unlike other Blockchain platforms, Ripple’s native Tokens, XRP, are usually released by executives for sale in successive intervals. According to the CEO of the California-based company, the company releases XRP for sale to earn money to fund development programs for RippleNet.

However, dissent is brewing among XRP community members where some of them are against the “dumping of XRP”. In their argument, the XRP enthusiasts are citing negative consequences of the executives’ actions on XRP price. One of the investors going by the name @CryptoBitlord on Twitter has even threatened a community “take-over” of RippleNet.

Appeal Against “Ripple Dumping” Is Ongoing

The most vocal XRP community member CryptoBitlord has been running a petition to appeal to Ripple Executives to avoid releasing Tokens at their own discretion. This venture has managed to attract about 2500 signatories and is still ongoing.

Additionally, CryptoBitlord is proposing for a Ripple fork to alienate the founders’ control over the ecosystem and release of XRP. In the latest tweet to CEO Brad Garlinghouse and CTO Joel Katz, the irate investor is urging the due to allow RippleNet to be decentralized as they purport.

Ripple Quarterly Report Shows A High Number Of Token Sales

In July this year, the latest RippleNet audit report showed that release of XRP on a quarter-over-quarter basis was up by 48 points. Hence, the concerns by XRP community members have a basis as the periodical release of a high number of Tokens can stifle the growth of XRP price.

Notably, Ripple sales XRP to raise funds for the many projects that aim to expand RippleNet ecosystems and finance operations. Nevertheless, following the outcry, the executives pledged to limit institutional sales, pause programmatic sales, and cut future sales.

Seemingly, effort is being made by the founders of the platform to address the disquiet among investors. However the weak market performance for XRP pairs is exacerbating the issues and XRP community members are demanding more action.

Garlinghouse Is Assuring Investors That XRP Sales Are Beneficial

Characterizing the allegations as FUDs, Garlinghouse is assuring investors that XRP sales are meant to enable RippleNet to develop. Also, the CEO says that XRP sales enhance XRP’s utility.

ripple

Further, Garlinghouse says that the rate of increase in the supply of XRP is relatively lower than that of ETH and even BTC. He is therefore calling on the XRP community to be patient and allow market forces to grow the price of XRP.

As Garlinghouse was addressing the XRP sales concerns, he also confirmed the amendment of a suit against Ripple. In the suit, an investor is alleging that XRP pairs are being sold as unregistered securities against SEC laws. The CEO refutes the claim citing the UK and other countries that do not classify XRP as securities.

Market Performance

Following the move by the CEO to calm fears among XRP community members, XRP/USD pair has been bearish following an overbought condition. In the last 24 hours, the price has plunged by 5% on Coinmarketcap amidst an overall bullish market momentum. The price as at press time is $0.25 and the daily trading volume is $1,275,195,685.

Previous «
Next »

1 Comment

  1. The best in class, Depoxito pay for you high-end experience that attend
    to the look and character of authenticated VIP standarts, we have the funds for
    you the best attractive to high-level experience of VIPs expect in any summit
    end casino, grand sentient casino royale pay for you the extra studio design element including the grand blackjack, offering
    our VIP Customer the best experience of a Salon privee table.

    New style table along with feature across the room subsequent to grand roulette upgraded on our provider playtechs mini prestige roulette which delivering more interesting and richer playing
    experience. The extra experience contains a total of seven tables
    including five blackjack tables, one roulette table and one baccarat table.
    Grand conscious casino royale has been tall
    hand-engineered to fit the needs of our customer to using it, and contains unique elements that is specially meant
    to maximize the impact value we got from our customers
    and diversify it to the existing network.
    Soon, Depoxito will produce an better certainty technology on conscious casino
    for our VIP member, these most forward looking technology
    ever seen in liven up casino including this enlarged reality.
    Which permit players to experience products upon an entire new level which is never
    seen previously literally leaping out of the game and taking the blackjack, baccarat, roulette
    and further game into the comprehensive entire
    level.
    Depoxito VIP Baccarat, we come up with the
    money for you the categorically exclusive rouse VIP
    Baccarat that is played bearing in mind going on to 7 players at the
    thesame table and our highly trained beautiful flesh and blood baccarat dealer.
    And of course our VIP devotee will vibes as if they were in reality sitting at one of the top casino baccarat table.

    This immersive gaming experience creates a hugely thrill-seeking reveal that our VIP players will locate difficult to surpass.

    Here is the list of breathing casino game that depoxito provide, we give the widest range of breathing casino games upon the spread around including : blackjack
    unlimited, blackjack prestige, roulette, baccarat, poker, hi-lo, sic bo, and grand live casino royale such as Grand Baccarat,
    Grand Blackjack and Grand Roulette for our VIP member.

    And of course as a member of Depoxito you can enjoy every
    the games that we provide to you, every you obsession to
    get is just visit our site depoxito and register it and no-one else
    takes in the works to 3 minutes and subsequently youre adequate to pretense any game that you want.

    Be our VIP, swine our VIP zealot of course arranged you
    the best facilitate you can get from us all you obsession to be a
    VIP enthusiast is very easy. every you infatuation is just save playing on our
    site, growth and feint subsequent to a VIP in imitation of the amount that our company
    had written, keep playing and our customer bolster will entre
    you that you are promoted to become a VIP aficionado on our
    site.

Leave a Reply

Your email address will not be published.