Ripple bows to pressure from the XRP community and pauses “programmatic sales.” Following the much-publicized practice of XRP dumping, Ripple finally halts its monthly sales of escrow released tokens.
Ripple Sales Have Sunk
San Francisco based fintech firm, Ripple, has released its Q4 2019 report. And total sales have sunk to $13.08 million, down 80% from the previous quarter.
The company attributes this to a shift towards more cautionary accounting methods. Which, they say, is a move designed to address concerns over fake XRP volume on exchanges that allow wash trading.
“Ripple shifted to a more conservative volume benchmark for XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier (CCTT) and significantly reduced XRP sales.”
Latest quarterly sales and volume report. (Source: Ripple.com)
Indeed, in a report filed with the SEC last year, Bitwise Asset Management claimed that as much as 95% of the reported volume on exchanges is fake.
Other researchers have disputed the extremity of this claim, for example, Alameda Research, who believe 68% is a more accurate figure.
All the same, any percentage of fake volume, regardless of the percentage, still taints the concept of cryptocurrency. And so, is it any wonder that regulators are wary of green-lighting Bitcoin ETFs?
That being so, fake volume and wash trading are still industry-wide problems. And for that reason, Ripple deserves credit for tackling this issue head-on.
“There is still much progress to be made, and Ripple will continue to evaluate its benchmarks and work proactively with industry participants toward addressing the persistence of fake volumes in industry volume data.”
XRP Dumping Is Out
Another hit to total sales comes by way of programmatic sales. This refers to the practice of selling escrow released XRP each month.
In Q4 2019, programmatic sales totaled zero. And the pause in this practice began partway through Q3.
A comparison of the last quarterly report shows that Ripple netted a staggering $145 million from the sale of escrow released XRP in Q2.
“Every month, the escrow releases a total of one billion XRP to Ripple. The portion of XRP leftover each month is placed into a new escrow to be released in the following months.”
It was during the summer of last year when XRP dumping gaining widespread public attention. Twitter user crypto_bitlord, who was frustrated with stagnant XRP price action, launched a change.org petition to “Stop Ripple dumping.”
Such was the strength of his feelings, when that failed to gain any traction, he suggested the community hard fork XRP.
As drastic and nonsensical as that sounds, the consistent pressure from crypto_bitlord, and many others in the XRP Army, looks to have paid off.
And it seems as though Ripple is finally taking heed of what token holders are saying, for now at least. All the same, the big question is, will this move spur XRP back above the much-fabled $0.50 mark?
Ripple News Today – XRP Community Suggests an XRP Token Burn To Boost Price
- XRP burn needed to push XRP price upward
- XRP Price Update –Is the surge to $0.30 in the short term attainable?
- XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?
XRP all-time high – The bid to burn 25% of the token in circulation by the XRP community is as a result of the sustained sluggishness of the XRP market. XRP News Now – according to insight from a trader with the username DanRocky on Twitter, he plans to attain a surge in XRP price via this means. According to DanRocky, this plan came to him after the report of crypto company Bitrue on BTR token burning. XRP News Now – The Twitter post has ignited a hot discussion amidst members of the crypto community. Although, not everyone is on the same page with this suggestion.
Ripple News Today – Previously, the XRP token was able to surge one point higher and exceeded ETH. In addition to XRP price variance, according to a Twitter post, the centralization of the asset by Ripple will also decline after the coin burning event.
XRP Price Update –is the surge to $0.30 in the short term attainable?
XRP Price Prediction 2020 – Even with the fast growth of the crypto market, there has been some variance in the price movement which has kept the major 10 tokens in the bullish zone. XRP daily – LTC is the major gainer so far with its market price surging by almost 7% over the last day. Generally, XRP price has declined by about $0.10, with a market cap of $12 040 521 791.
XRP Price Prediction 2020 – Ripple XRP price Forecast 2020
XRP USD TradingView – XRP currently has a trading price of $0.2751, with a 24-hour trading volume of $2 927 099 042, and a 24-hour change of 3.36%. XRP all-time high – traders have so far continued to press and pressure the price of the XRP token to the lower zone of the mounting green channel. Though the support level at $0.266 was able to sustain the XRP/USD pair from declining to the $0.236 level.
XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?
XRP Prediction 2020 – due to the buying pressure from traders, the XRP price has been shoved back into the bullish zone and it is trying to reinstate the XRP/USD pair to the average price level during the day. XRP daily – Should the reinstatement of the resistance of the two-hour moving average fails, the XRP price will seek for support at the $0.28 level to consolidate.
XRP (XRP) Price Today – XRP / USD
XRP USD TradingView – on the upside, the price movement on the XRP token is less positive. Even though XRP price encountered some price corrections amidst its growth, a massive price decline is yet to be seen. Hence, the closest XRP price prediction 2020 is a decline to the liquidity level of around $0.25 level until the end of February.
RIPPLE LAUNCHES NEW XRP FRAUD REPORTING PROCEDURE
- FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED
- RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE
The company has created a page on its website where foul-play can be reported. This move represents the increasing attempts by Ripple to establish itself as a key player in global finance.
FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED
The reporting website gives consumers the ability to make the company aware of fraudulent behavior involving the XRP token. This behavior could include theft, scams, or unauthorized gateways/exchanges.
The site makes clear that Ripple cannot reverse transactions, owing to the decentralized XRP ledger. Also, XRP users are not Ripple customers. Thus, an “unusual activity report” can be used to help identify and stop fraud, but not necessarily compensate victims.
Interestingly, Ripple encourages users to report “potential sanctions violations, money laundering, unauthorized transactions and/or other financial crime.” In other words, it calls on the Ripple community to self-police, and inform the company of possible illegal activity. This fact underscores the close relationship between Ripple and XRP use, and the company’s firm desire to prevent any foul play with the token.
RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE
This move is the latest in a series by Ripple in its goal of becoming a key player in global finance. The company has long asserted that it has major plans for expansion. CEO Brad Garlinghouse recently compared the company to Amazon, and noted that moving forward it would explore other services beside cross-border fiat transfers.
To achieve its goals Ripple will need cooperation from regulators, politicians, and law enforcement on a scale yet to be seen in the blockchain sector. In this context, opening up a tool for fraud reporting, and demonstrating a strong willingness to fight crime, is a sensible move. 14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Importantly, Ripple has not drawn the ire of the leaders that it needs to win over. For example, unlike Facebook’s Libra, which has been met with a torrent of opposition from world leaders, Ripple has received almost none despite being just as disruptive.
Ripple’s position is, however, controversial among crypto advocates. Many blockchain purists have long criticized the company for its willingness to work with banks and regulators, asserting that the technology is designed to replace these institutions, not compliment them. Ripple and its executives disagree, claiming that cryptocurrency can only achieve mainstream use if it cooperates and enhances the existing financial infrastructure.
Regardless of what one thinks of Ripple’s vision, its success in the blockchain space is without dispute. It now counts over three hundred banks as partners, and experienced over 500% growth in the fourth quarter of last year alone.
Ripple Price Analysis: XRP/USD consolidates in a flag formation as price settles around $0.275
- XRP/USD is hovering above the green Ichimoku cloud.
- The SMA 50 is on course to cross over the SMA 200 curve.
XRP/USD daily chart
XRP/USD dropped from $0.2745 to $0.273 as the price continued to consolidate in a flag formation and settle below the $0.275-level. XRP/USD is still hovering above the green Ichimoku cloud, while the SMA 20 is trending above the price. The MACD and Elliott Oscillator both indicate sustained bearish market sentiment, while the RSI is trending around the neutral zone. Interestingly, the SMA 50 is about to crossover the SMA 200, which could trigger massive bullish action in the near future.