Ripple, the company behind settlement-oriented crypto asset XRP, promised a higher degree of accuracy for XRP volumes and sales in a post published on June 3.
In its announcement, Ripple cites recent reports about fake cryptocurrency trading volumes, such as the one recently released by United States-based asset manager Bitwise, which claims that 95% of bitcoin trading volume is fake.
A new report by Bitwise also claims that fake trading volumes by crypto exchanges do not impact bitcoin's price.
The firm promises to take steps to address these concerns by collaborating with partners in the space, evaluating its approach to XRP data reporting and "Taking a more conservative approach to XRP sales this quarter." Ripple notes that, as a consequence, XRP's sales in the second quarter of 2019 will be considerably lower than in the first quarter.
The target of 20 basis points will also likely be cut to under ten, less than half of what it was before.
On May 16, 2019, Coin Metrics released a report detailing discrepancies in Ripple's escrow reporting system, describing inconsistencies that allegedly required explanation.
In line with accuracy in reporting data, crypto market cap tracker CoinMarketCap announced a new alliance called the Data Accountability & Transparency Alliance at the beginning of May. CMC also noted at the time that it would remove exchanges from its calculations if they fail to provide mandatory data by June.
As Cointelegraph has previously reported, a report released in January claimed that the market capitalization of distributed ledger tech company Ripple's XRP token could be overvalued by as much as $6 billion.
Ripple Promises Higher Degree of Accuracy in XRP Volume and Sales Reporting
Published on Jun 5, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.