Ripple (XRP) Falls on Bearish Momentum: What Next?
2019 has been an excellent year for most cryptocurrencies as the rally led by Bitcoin in the first of the year led to gains across most of the crypto sector. However, while many tokens performed admirably, the same could not be said of the third-biggest cryptocurrency, Ripple (XRP).
XRP performed poorly throughout the period, and now there is immense rancor in the XRP community, with regards to the behavior of Ripple. Due to the large selloffs that have been done by Ripple over the past quarters, there has been a lot of heartburn in the community, and now there is the talk of an XRP fork.
The campaign was started by an influential Twitter user named Crypto_Bitlord, who claims that he owns XRP tokens. He has rallied the community to break off from the XRP ledger due to the regular dumping of the token by the company. That being said, according to some reports, it is hard to figure out whether this talk of an XRP fork is a legitimate threat or if it is just another run-of-the-mill internet trolling effort. That being said, it cannot be denied that Ripple, which holds billions of XRP, has been dumping the token at large amounts over the past few quarters.
XRP observers have stated that this sort of dumping has resulted in the token’s poor performance over the past months. The threat of the fork may not look legitimate at this point in time, but Ripple has had to explain the whole thing through a spokesperson. Out of the 100 billion XRPs, Ripple owns 60 billion units and a couple of years ago it had locked up 55 billion XRPs in escrow accounts.
Earlier this month, the Chief Executive Officer of Ripple, Brad Garlinghouse, stated that the tokens are being given away to further strengthen the Ripple ecosystem and also pointed out that the sales have declined from one quarter to the next.
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