Ripple Explains FUDs, Decrease in XRP Sales in Q3 Report
Ripple Inc. has released its Q3 report, a move geared towards increasing the transparency of XRP ecosystem.
When the digital currency was launched in 2012, nothing more than 100 billion units of XRP was created, but “Ripple was gifted a portion of this XRP,” out of which it sells out to enlarge the XRP ecosystem by investing in ideas capable of reshaping the Ripple ecosystem. In the released report, Ripple stated that it decreased the sales of XRP by 74.5% compared to Q2 sales. This quarter, Ripple sold $66.24 million worth of XRP compared to $251.51 million it sold in Q2. During the last quarter, 3 billion XRP were released out of escrow and 2.30 billion XRP returned back. For now, Ripple is now available on over 140 exchanges worldwide, the report indicated.
During the quarter, Ripple’s investment arm Xpring launched developer platform to strengthen the relationship between developers and entrepreneurs and give them the advantage to build on the XRP Ledger while making use of XRP token. The developer platform is open-sourced and can accommodate the 23 million developers across the globe by giving them the chance to enable payments in any of their innovation. As well, Ripple invested in Logos, Coinme, BRD, and XRP-centric Coil partnered Mozilla and Creative Commons to launch Grant for the Web. Also in Q3, Bitpay and Xpring deals were sealed, and the formal is now supporting XRP, bringing the digital currency to its thousands of customers worldwide.
Ripple tagged those making FUDs about XRP are only spreading misinformation purposely to undermine the nascent and innovative idea. It said bot accounts on Twitter are now more active at condemning Ripple’s XRP, and more unique bots are being created every time to do the same. Conversation about Ripple “dumping XRP” and “flooding the market” from bot accounts, increased by 179% quarter over quarter. While Ripple claimed it cannot manipulate the price of XRP, the company pointed that there is no difference between what is obtained in BTC, Ethereum community and XRP community. The same way large holders exist in many crypto community is the same way it
exist in XRP ecosystem.
“We do not see evidence that large holders of XRP are behaving materially differently than BTC or ETH ‘whales’.”
The company pointed that around 49% of conversation alleging Ripple of being involved in XRP price manipulations came from bot accounts.
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Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine. He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.