As it is known in the cryptocurrency market that prices are subject to a number of factors, including a major factor, which is:

Supply and demand.

For example, Bitcoin has only 17 million units in circulation around the world, which makes its value high due to its scarcity.

While we find a currency such as Ripple has a stock of 99 billion XRP units, of which 42.9 billion XRP units are traded, making its value not exceeding half a dollar (it is currently estimated at $0.26).

Recently, Ripple holders filed a petition at the beginning of this month.

It was led by a user called “Crypto Bitlord” who asked Ripple to stop throwing more Ripple coins and the petition was signed by 2,500 users.

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Among the petition’s statement:

“Ripple is flooding the market with billions of XRP units, crashing in price and depreciating.”

The user “Crypto Bitlord” and other XRP holders believe that the currency has a future and has great potential and that it is a strong cryptocurrency.

Ripple holders and investors see the company dumping more XRP, pushing the price even lower.

What they want is to stop that and leave what is there just so that the currency can rise again and return to its former glory where it was traded earlier at a value of 3 dollars per coin.

The petition also included:

“If they stop selling, the strong demand for the quality currency is likely to rise again.”

According to reports outgoing Earlier, Ripple sold $106 million and $144 million worth of XRP units in the second quarter of 2019.

Ripple sells XRP to institutions such as banks so that they can use some of its technical services.

XRP holders are in trouble due to the company’s sell-off.

The current business model has already made senior Ripple executives very wealthy.

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For your information, XRP is the third largest cryptocurrency by total market capitalization according to CoinMarketCap.

The currency is also included in most of the trading platforms.

However, what is wrong with Ripple is that it owns a large part of XRP and controls it with its single and sole decision.

Read also:

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