The threat of an XRP fork is looming over Ripple, the San Francisco-headquartered startup behind the third-largest asset in the cryptocurrency market. Twitter user @Crypto_Bitlord who is alleged to own XRP, is convincing XRP investor over the disappointing performance of the token and is rallying investors to split from the original ledger due to Ripple’s ARP dumping. According to the Crypto Bitlord he has over 1 lakh followers. Crypto Bitlord has submitted a petition named Stop Ripple Dumping which has gathered and gained signature from supporters which have crossed the 3,500 marks.
Image Source: zycrypto.com
According to Binance the comments shows that the Crypto Bitlord plan is largely a trolling scheme and has yet to take form in any concrete shape. The coin dumping case started to get hold and infuse energy early August when the Crypto Bitlord initiated the Change.org petition. Crypto _Bitlord wrote in a twitter handle explaining the below market expectation of the XRP in 2019, The only logical explanation is that Ripple is dumping on us. And not small amounts either. Literally billions.
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The token has shed more than 20% of its value this year, while eight of the other 10 largest coins are enjoying moderate or — in the case of Bitcoin (BTC)— major gains. According to Ripple’s quarterly reports confirm that the company has been selling high amounts of XRP tokens to both funds its operations and invest in various firms having the potential to stimulate the XRP ecosystem’s growth. Most recently, the company has topped PNC, the United States’ eighth-largest bank, for its blockchain-powered cross-border payments solution, xCurrent. Currently, RippleNet — the wider global payments network formed by Ripple — has over 200 members, namely banks and payment providers. Ripple is estimated to have own around 60 billion out of the 100 billion tokens which have been fully pre-mined.
Source: Coin Telegraph
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