Are Ripple‘s quarterly XRP sales the reason behind XRP’s bearish price action? XRP developed by Ripple Labs has been hated by many cryptocurrency traders across the last couple of years. However, now XRP seems to be getting even more criticism as its most loyal supporters feel “disillusioned” with it.
Recently, news spread among the crypto markets that Ripple Labs hold a large amount of XRP and have been selling it to boost quarterly sales. These sales were made by utilizing inflated volume figures as a guide and have had a negative effect on XRP’s price action.
Now many traders have launched a petition to convince Ripple to stop “dumping” XRP on the markets. However, it seems unlikely that the company will change its plan of selling its XRP holdings as it is necessary to fund its operations.
As 2019 started most cryptocurrencies’ prices started rising; however, XRP did not show any signs of bullish rallies. Moreover, Price stumbled in the first half of this year while it fell to annual lows earlier in August.
Although the cryptocurrency has been showing a steady bearish price action, the company’s XRP sales have been increasing steadily. Ripple’s sale of XRP has been the catalyst that has caused XRP price to decline over the last few months.
Investors start a change.org petition
Now more than two thousand Ripple users have signed up for a petition on change.org. They want the company to stop dumping their XRP holdings on the markets.
Started by Crypto Bitlord, the petition cited Ripple’s XRP sales as the reason behind its bearish price action. Regardless, he still believes that the cryptocurrency has much potential due to its various collaborations that have been orchestrated by its parent company. These collaborations include partnerships with numerous well-esteemed banks and other financial institutions.
You can view our Ripple XRP price analysis here.