The quarterly XRP sales conducted by Ripple have reduced from $251.5 million to a mere $66.2 Million in Q3 2019, representing a dip of 74%.
Ripple Has Nothing to Do with 99.9% of XRP Trading
The gist of Garlinghouse’s was that Ripple was not trying to manipulate XRP price with its sales. However, they had miscalculated the amount to be sold by factoring in incorrect data. Garlinghouse further said that they had nothing to do with 99.9% of the XRP trading.
According to the Q3 report published by Ripple, it sold XRP worth $170 MM in Q1 2019 and $250 MM in Q2 2019. The mistake they had been making was that they were calculated the amount of XRP to be sold on the basis of data provided by CoinMarketCap, a website which has accused of reporting fake volume. Garlinghouse and Pomp both agreed that CryptoCompare Top Tier (CCTT) was much more trusted and reliable for understanding the actual volume of XRP liquidity. According to Garlinghouse, a major portion of the XRPs went back into new escrows. The figure was noted to be 80% of the total assets.
Ripple Report Talks About Rising FUD (Fear, Uncertainty, and Doubt)
The Ripple report further stresses on the rise in FUD. Per the report, bots were responsible for pushing narratives of XRP dumping and flooding the market with sales. Furthermore, the report talked about price manipulation which explained that Ripple has a very limited role to play in the independent digital asset market. The report said,
“It’s on all of us to rise above the FUD and the tone-deaf who treat digital assets like a religion instead of technologies that can solve real-world problems.”Ripple will continue to take proactive steps to address misinformation and FUD while being a responsible and transparent stakeholder of XRP.”
The price of XRP declined by 35.4% in Q3, while the overall market capitalization of digital assets decreased by 30.4% during the same period, per the report. During the same period, XRP volume decreased by 53% from $39.1 billion to $18.2 billion. 3 billion XRP were released from escrow during Q3, while 2.3 billion were returned and put into new escrow contracts.
Will Ripple manage to put an end to FUD surrounding XRP sales and will the price see renewed growth this quarter, now that Ripple is using more accurate data for calculating the amount be sold? Let us know, what you think in the comments below!