A group of XRP fans has started an online petition demanding that Ripple stops selling high amounts of the cryptocurrency on a quarterly bases.
While most cryptocurrencies have seen at least a 200% increase in price since Bitcoin bottomed in December 2018, XRP has not been able to start any upwards momentum.
The cryptocurrency has seen a significant amount of downwards pressure and recently fell to $0.25, its lowest point since December 2017!
As a result, the positive climate surrounding the cryptocurrency is being damaged, especially after the news came out that Ripple is selling a lot of XRP.
According to sources, Ripple – who holds a significant amount of the crypto – is selling a significant amount of XRP each quarter due to using inflated volume figures to guide their selling.
In an interview with Bloomberg, Kyle Samani, the co-founder of the Multicoin Capital hedge fund, states that Ripple’s steadily increasing quarterly XRP sales have most likely been the reason for XRP’s bearishness.
“The company has been steadily increasing its sales of XRP over the previous three quarters, likely inflicting downward price pressure on XRP. Savvy investors have known this for some time; however, for whatever reason, the market is just now picking up the narrative and reacting.”
The news about Ripple dumping XRP has led more than 2,200 people to sign a change.org petition demanding that Ripple stops selling the cryptocurrency.
The petition, started by Crypto Bitlord, is a desperate attempt to let Ripple change its market strategy. Crypto Bitlord commented:
“Ripple continues dumping billions of XRP on us, crashing the price!”
Of course, it is unlikely that the petition will have any impact on how Ripple is selling XRP holdings to fund their operations.