XRP Fork Unlikely to Succeed, Ripple Continues to Face Angry Investors

Published on by Cointele | Published on

There are other angered XRP investors out there, and they are taking Ripple to court.

Ripple's quarterly reports confirm that the company has been selling high amounts of XRP tokens to both fund its operations and invest in various firms that have the potential to stimulate the XRP ecosystem's growth.

The Q2 market report, published in July, showed a quarter-to-quarter increase in XRP sales of around 48%, as the startup sold over $251 million worth of XRP during that period compared to approximately $169.42 million in the first quarter of 2019.

"Our approach to XRP sales has not changed, since the latest communication we released in the Q2 report. We sell XRP as a percentage of total volume, with the goal of minimizing market impact. As the industry came to recognize reported volumes from exchanges and aggregators were exaggerated or falsified, we publicly communicated that we changed our source for volume benchmarking to a more credible, reliable, and conservative source."

"Ripple is a steward of XRP and a very interested party in its success. As such, we are aligned with the XRP community and focused on supporting a healthy XRP ecosystem. It would make no sense as a business to hurt the XRP Ledger by flooding the market."

"The chart pattern for many, many months has shown the distribution of XRP by Ripple - it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way."

"The main reason behind XRP's poor first half 2019 performance has just been alt coin market sentiment. While digital currencies broadly rallied with bitcoin at the beginning of the 2019 bitcoin bull run, they have since dislocated. Bitcoin has posted a strong 2019 performance, while large cap alts have slumped. XRP's underperformance, relative to bitcoin, is inline with other major alt coins, such as bitcoin cash. That being said, these continuous large sells by Ripple has stalled any positive price momentum XRP was garnering - and it's a sell pressure that many other digital currencies do not have to contend with."

"Ripple has no way to control what software those who choose to use the XRP Ledger deploy on their computers and all of the XRP Ledger's rules are enforced by that software."

The success of a potential XRP fork is unlikely, even if Crypto Bitlord is being serious: "The hardest part about a fork is to ensure its stability by having a growing community around it," Shani told Cointelegraph.

"Fact of the matter is these folks don't have enough purchasing power to support the market price of the current XRP token, there's no reason to believe they'd fare any better by simply forking the XRP ledger."