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Will Ripple CEO Address XRP Dumping At Fintech Week?

September 12, 2019 ,
#crypto #bitcoin

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.

Ripple CEO Brad Garlinghouse is expected to address XRP price

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.”

Consequently, in response, XRP bag holders did not hold back in venting their frustrations. Many accused Garlinghouse of doublespeak wordplay, while others called Ripple out as a pump and dump.

As such, Garlinghouse has the opportunity, at DC Fintech Week, to settle apprehensions within the community.

At present, XRP is the fifth worst-performing of the top ten, with a -9% loss YTD. And while this pales in comparison to Bitcoin Cash, which has seen a -38% dip this year, the XRP Army are still up in arms over the token’s faltering performance.

Chart courtesy of https://coincodex.com/

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.

But in reality, as XRP’s allure is based on Ripple’s efforts to onboard partnerships and promote the benefits of the ecosystem, a community fork is nonsensical.

All the same, whether Crypto_Bitlord was joking, or not, his call to fork XRP was met with a tide of aggression. And, in what can only be called a demonstration of loyalty to Ripple, threats to his life were made.

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?

Photo by Bas Emmen on Unsplash

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Samuel Wan, Khareem Sudlow