- Garlinghouse also shed light on a potential Ripple fork.
- Crypto Bitlord started a petition to stop Ripple from selling portions of its holdings.
Ripple CEO Brad Garlinghouse has stated that Ripple has no influence over the price of the XRP token. This year, XRP’s value is down by 27% while Bitcoin has surged 175%. This has caused a crypto influencer known as Crypto Bitlord to start a petition to stop Ripple from selling portions of its holdings to crypto exchanges and institutions. So far, more than 3,500 people have signed the petition.
During an interview with CNN, he compared Ripple’s holdings of more than half of the total supply of XRP to Bitcoin whales that own large quantities of BTC. He said: “The point I have made is we are the most interested party in the success of the XRP ecosystem. We’re very focused on our use case and how do we solve problems with XRP. One of the things I’m excited about is you’re seeing a growing ecosystem of other players investing in other use cases around XRP. “If you look at the correlations between XRP and most of the crypto market, or what are often called the altcoins, you see a very high degree of correlation.
Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin. Some of these markets, particularly smaller tokens that have a lower market cap and lower flows, if you will, they are at risk of people manipulating them. But you’re talking about XRP trades an order of magnitude of a billion dollars a day of activity according to CoinMarketCap. So I don’t think anybody’s in a position to really manipulate those prices…
Around the ownership price, as is the case with Bitcoin, there’s some big whales that were early in the Bitcoin community. There’s one wallet that has a million Bitcoin in it. Nobody knows who owns it. In the XRP community, Ripple is the largest owner.”
Garlinghouse, being the biggest single owner of XRP, reported that Ripple doesn’t want to flood the market with the digital asset. He also explained Ripple’s use of XRP as a means to support the development of the XRP ecosystem. He reported saying:“The point I have made is we are the most interested party in the success of the XRP ecosystem. We’re very focused on our use case and how do we solve problems with XRP. One of the things I’m excited about is you’re seeing a growing ecosystem of other players investing in other use cases around XRP. Just recently we announced a partnership with Coil, which is doing micropayments for content. So the next time you’re reading a story on the Financial Times and you hit that paywall, you hypothetically just pay a dime, a quarter, 50 cents, where today that’s a pretty hard problem. And companies like Coil are going to use XRP for those micropayment transactions.
So yes, Ripple owns a lot of XRP. We’re very interested in the success of XRP. But the accusations of us dumping, that’s not in our best interest to do that. We’re clearly interested in a healthy, successful ecosystem. And so, we would never do that and in fact have taken steps to lock up most of the XRP we own in escrow. Essentially, we can’t touch it.”
Crypto Bitlord also warned about forking the XRP ledger if Ripple doesn’t stop selling XRP. Garlinghouse says a fork may happen as the XRP Ledger is an open-source technology. He said:
“When people talk about forking technologies, you have seen Bitcoin forked multiple times. You have Bitcoin Cash, BSV, Bitcoin Diamond, I can’t name them all. There’s four or five forks of the Bitcoin blockchain. Bitcoin, obviously, the primary BTC, has remained the most notable.
But in the same way, people can take XRP, an open-source technology, and hypothetically they could fork that if they chose to do so.”
Ripple’s Community Shows Interest in Forking XRP Into “RippleOne”
What better way to kick off a new week in the crypto industry than by having some potential drama. While Ripple and XRP are prominent entities in the industry, a lot of people have a genuine dislike for both. Things have gotten out of hand recently, as Crypto Bitlord claims he will effectively fork XRP. There is even a Discord channel created for this specific purpose, albeit it seems unlikely much will come of it.
The XRP Fork Plan
While it is not uncommon in the cryptocurrency industry to fork existing projects, most of these ventures are never overly successful. In the case of Bitcoin, there have been so many spin-offs that most people have stopped bothering to keep track of it all. Ethereum also has its own fork, as do numerous other cryptocurrencies on the market today. Surprisingly, it now seems XRP may be added to this list in the near future, assuming the speculation and rumors on Twitter will effectively lead to some plan of action.
If Crypto Bitlord is to be believed, there will be a fork of XRP in the very near future. The new fork will be known as RippleOne and aims to disrupt the existing ecosystem as a whole. Why anyone would try to fork a project which isn’t even a traditional cryptocurrency in the first place, remains rather unclear. It appears this particular user is not too pleased by the way XRP has performed in recent months, although the same can be said about all cryptocurrencies, tokens, and assets on the market right now.
The Discord Channel Goes Live
As is often the case in the cryptocurrency industry, an idea like this tends to get some attention sooner or later. There appear to be many XRP holders who are displeased with how Ripple is handling the sale of XRP through its escrow contracts. Even though that move was designed to bring more legitimacy to the project as a whole, it seems a lot of people don’t understand the purpose of taking this approach. There are also concerns as to how Ripple is effectively pushing the XRP price down by continually selling these locked assets every single month.
As the RippleOne concept gains more traction, it now appears there is a dedicated Discord channel for like-minded users to come together. Although this is a big step in the right direction toward creating RippleOne, it doesn’t necessarily mean an XRP fork will ever occur. More often than not, this is merely smoke and mirrors to try and cause a ruckus. Effectively forking a project and making it successful is a lot more difficult than people might expect. If it wasn’t, everyone would so at their leisure, which is the last thing the cryptocurrency industry needs.
Would it Even Pose a Threat?
To this date, no one can deny Ripple has seen its fair share of success over the past few years. While it is true XRP has lost tremendous value compared to its multi-dollar all-time high, the same goes for most of the markets today, with the exception of Bitcoin. Even that currency is down by nearly 50% compared to its all-time high of late 2017. There is no reason to believe these markets will not recover in due time. That being said, not everyone has the patience of a true holder, which is only to be expected under the current circumstances.
Even if this XRP fork were to be created, one has to wonder if it can pose a legitimate threat. Since everyone knows RIpple and XRP by now, it seems unlikely RippleOne will make much of an impact. Moreover, Ripple has the partnerships necessary to become a successful company, whereas RippleOne would have to start from scratch. There are far easier projects to fork if developers want to make a quick buck, as going after XRP will involve a lot of patience and hard work.
Ripple’s XRP technical analysis: XRP/USD bulls are lifeless with a position to capitalize to the north
- Ripple’s XRP price on Monday is trading marginally in the green, up some 0.20%.
- XRP/USD price action is moving in consolidation mode, sitting just above a breakout pennant structure.
- Upside appears to be very much capped by resistance within the $0.2600 price area.
Spot rate: 0.2542
Relative change: -0.65%
|Today last price||0.2611|
|Today Daily Change||0.0004|
|Today Daily Change %||0.15|
|Today daily open||0.2607|
|Previous Daily High||0.2647|
|Previous Daily Low||0.2592|
|Previous Weekly High||0.2665|
|Previous Weekly Low||0.2511|
|Previous Monthly High||0.3308|
|Previous Monthly Low||0.2392|
|Daily Fibonacci 38.2%||0.2613|
|Daily Fibonacci 61.8%||0.2626|
|Daily Pivot Point S1||0.2584|
|Daily Pivot Point S2||0.256|
|Daily Pivot Point S3||0.2529|
|Daily Pivot Point R1||0.2639|
|Daily Pivot Point R2||0.267|
|Daily Pivot Point R3||0.2694|
XRP/USD daily chart
- XRP is sitting just above a breached bearish technical pennant, there is a lack of commitment for now.
XRP/USD 60-minute chart
- The heavy near-term supply can be observed within the $0.2600 region, as sellers remain capped within region.
Ripple (XRP/USD) forecast and analysis on September 16, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.2627. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.
Ripple (XRP/USD) forecast and analysis on September 16, 2019
As part of the Ripple course forecast, a test level of 0.2600 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.2740. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2480.
Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 0.2460 area. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ripple (XRP/USD) forecast and analysis on September 16, 2019 implies a test level of 0.2600. Further, growth is expected to continue to the area above the level of 0.2740. The conservative area for buying Ripple is located area of 0.2480. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2460. In this case, we should expect the continuation of the fall.