Over 2000 Cryptocurrency Investors Sign Petition Asking Ripple to Stop Selling XRP

Neil Dennis

More than 2,000 crypto investors have signed an online petition calling on Ripple to stop selling so many of its XRP tokens, which they believe is behind the cryptocurrency's poor price performance since the end of June.

"Ripple continue dumping billions of XRP on us, crashing the price," the petition - which reached 2,000 signatures a week ago - says. It adds:

Its amazing this sort of behaviour is widely accepted in the crypto world. Sure we know that XRP is a solid coin with major potential but this needs to stop!

XRP, which hit is record peak of $2.85 in early January, 2018, reached a cyclical high of $0.5055 on the June 22 this year, but has since fallen by 47%. By comparison - since hitting its $13,930 cyclical high on June 26, bitcoin has fallen just 25%.

Dumping on the Market

The petition, posted on Change.org by a site user called Crypto Bitlord, suggests the only explanation behind such relatively poor performance is that Ripple - the company that developed the blockchain that verifies XRP transactions - is dumping XRP on the market.

"Every day there is good news - a new bank or partnership," it says, but still the price keeps falling.

The only logical explanation is that Ripple are dumping on us. And not small amounts either. Literally billions. We have seen the reports of them disclosing this so its a fact.

While Ripple will likely be aware of the dismay felt by many who have been prompted to sign the petition, it's unlikely the company will alter its selling policy.

In early August, Ripple announced it had unlocked a billion XPR tokens from escrow worth around $314 million. The company sold $251.5 million worth of XRPin the second quarter. Rajarshi Mitra, crypto analyst at FX Street said:

While Ripple owns more than half of the total supply of XRP, the majority of it remains in escrow. Since 2016, Ripple has sold XRP worth $1.14 billion, of which 64% were sold to institutions and 36% to crypto exchanges.

Ripple-Powered Santander App for Cross-Border Payments to Expand to Mexico This Year

Francisco Memoria

The Ripple-powered cross-border payments app launched by Spanish banking giant Santander, One Pay FX, is set to expand to Mexico this year.

According to a Form 20-F filed with the U.S. Securities and Exchange Commission this month, Santander revealed One Pay FX will arrive in Mexico “in early 2020.” The app, originally launched in 2018, use’s Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking, RippleNet, formerly xCurrent. RippleNet doesn’t use XRP.

In a press release Santander published last year, its Executive Chairman Ana Botín described One Pay FX as follows:

One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally - offering value, transparency, and the trust and service customers expect from a bank like Santander.

Santander pointed out the solution offers transparency at a competitive cost, and improves overall customer experience. The One Pay FX app is currently available in six countries – Brazil, the U.K., Spain, Poland, Portugal, and Chile. The solution, per the Form 20-F, will be launched on all of Santander’s markets.

It’s worth noting Ripple is backed by Santander’s capital arm InnoVentures. In the firm’s series A funding round in 2015, in which it raised $32 million, InnoVentures invested $4 million into it. At the time, Santander was already working on a “proof of concept” using Ripple’s technology for international payments.

Featured image via Pixabay.