- XRP/USD is down 50% since late June as shown by the chart.
- Today the market is holding at 0.2600 and looks to be forming a base.
- The volume indicator on the chart shows more action on the sell side.
There are many investors in Ripple who are becoming increasingly frustrated with how the company are flooding the market with XRP’s.
There is a twitter petition with over three thousand signatures on it asking the company to stop selling tokens. There was a twitter account that alerted traders on 1st September that someone was selling 1,000,000,000 worth of XRP with a value of USD 258,488,781.
Chief Executive of Ripple Brad Garlinghouse defended the companies action saying:
“Reality is we DECREASED our sales by volume quarter on quarter and since then the inflation rate of XRP circulating supply has been lower than that of bitcoin and ether.”
It is important to remember that Ripple is the 3rd largest token by market cap. According to coinmarketcap the market cap stands at USD 11,192,911,321 and outstanding supply hold at 42,984,656,144 vs 17,911,712 BTC.
In regards to the price action on the chart above, the highlighted boxes at the bottom are showing more volume on the sell-side. It seems that this downtrend will be hard to stop. Every time the price gets below 0.2500 buyers come in and support XRP.
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