Will Ripple CEO Address XRP Dumping At Fintech Week?
Ripple CEO, Brad Garlinghouse is a confirmed keynote speaker at this year’s DC Fintech Week. Although the agenda precludes XRP price, many see this as a further opportunity for Garlinghouse to address concerns over XRP dumping, which some attribute to price stagnation in the divisive token.
Will Garlinghouse Address The Issue Of Ripple Dumping XRP?
Thought leaders and attendees will gather in Washington DC on October 21-24 to deliberate all matters fintech. This year’s event includes notable industry movers and shakers, such as SEC Chair, Jay Clayton and ConsenSys founder, Joe Lubin. But none more prominent than Brad Garlinghouse.
Garlinghouse recently took to Twitter to address concerns over Ripple’s quarterly sales of XRP, which some believe is the cause of poor price performance this year. He defended the sales by saying:
“XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”
The Bag Holders Are Revolting
To address this, high profile analyst, Crypto_Bitlord, earlier this month, launched a change.org petition to “Stop Ripple Dumping.” At time of press, over 3,500 people have signed the petition, which seeks to rally community support to stop the mass sale of XRP.
The petition summarizes the primary concern within the XRP community, namely, the continual slide in price despite XRP being touted as the most practical token within the space. It reads:
“Everyday there is good news… A new bank or partnership announced but still, it manages to keep on dumping. 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.”
And that’s not all; such is the strength of feeling, Crypto_Bitlord also proposed an XRP fork, to snatch control from Ripple and stop the mass dumpings.
Undoubtedly, XRP’s price performance raises serious questions of viability, from a retail point of view. Having said that, at the present time, this argument could be extended to include most altcoins. Can Garlinghouse do anything to allay these concerns?
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