We all know that Ripple is the company behind the development of the third most important cryptocurrency in the world; XRP And that since the beginning Ripple has expressed that XRP is not controlled by them.
But, of course, all this is nothing more on paper, because this company is currently the biggest Big Whale this important altcoin. Reaching even 80% of the total XRP offer available.
For a long time these relations between Ripple and XRP have been a subject of heated debates within the cryptoverse. With his detractors claiming that the monetization process that has led the company through its mass sales every 3 months has been at the expense of the sweat of its hodlrs.
Ripple sinks more than XRP
Therefore, the CEO of Ripple; Brad Garlinghouse; He has tried with all his might for years to bring down the theories of detractors with words; But not with facts.
Recently, the CEO has been cited in an interview expressing that:
“XRP is vital for the profitability of Ripple. Without these quarterly sales there would be no positive cash flow. ”
Simply put, this indicates that these controversial sales are the main source of income.
In a nutshell this indicates that these controversial sales; that have caused the price of XRP to collapse; They are the main source of income.
As it was expected; These statements have generated strong responses from several important forums of XRP hodls.
In recent months, XRP has had a very bad performance; at least compared to the other 2 cryptocurrencies above it; Ethereum (ETH) and Bitcoin (BTC).
While Bitcoin prices skyrocketed since last year; Until a few weeks ago. The price of XRP has declined since then. Which has generated that many of its users, who previously defended Ripple by cape and sword; They have simply said ENOUGH, and have even proposed a hard fork.
XRP does not resist anymore
These statements without filters; Ripple’s ringleader is very surprising. Since they show that despite the constant complaints, requests, and even pleas from the crypto ecosystem of XRP; for Ripple to stop overfilling the market with XRP; that does nothing but tear down prices. The company has ignored these voices that are becoming more and more.
Many crypto analysts have attributed that the decline in prices of more than 40% of XRP in the year 2019 is the fault of quarterly mass sales. And what these experts express; and the same story; It is unlikely that they will stop in the short term.
XRP has seen some intense losses over the past week. With this important altcoin sliding from annual highs around $ 0.30 to the lowest in recent months to less than $ 0.20. Thus eliminating most of the profits he incurred as a result of his intense uptrend 2020.
It is still unclear if a possible rebound may occur despite this little bear run we lived a few days ago. So that the price of XRP can recover a bit will depend on 2 things:
- May Bitcoin also see some upward momentum,
- Ripple reduce mass sales.
If XRP wants to recover some of its recent losses, it is likely to depend on whether or not BTC can find some stability or begin to climb further, Crypto Micahël said.