The negative market impact of Ripple's selling of a large number of XRPs sparked investor dissatisfaction, and some token holders began looking for counter-attacks.
@CryptoBitlord has more than 100,000 fans on Twitter, which said on Monday:
"I'm thinking about forking XRP so that we don't have to face the founder's selling behavior – it's going to be in the community, if you want to join, please forward this tweet."
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Crypto Bitlord doesn't seem to be just as fast as it is. Three weeks ago, he launched a petition to “ stop selling XRP” on change.org, and as of press time, he has collected more than 2,500 signatures.
Impatient bearer: XRP is taken over by the community
Yesterday, Crypto Bitlord told Ripple's CEO and CTO:
"Brad Garlinghouse, Joel Katz, you now have 60 days to stop selling XRP, otherwise we will let the community take over XRP. If you say that this is a decentralized network, we have the ability to do it."
In several quarterly reports, Ripple said the company is selling a large number of XRPs to fund its investments in different companies that can develop the XRP ecosystem and fund its operations.
According to the latest data released at the end of July, XRP sales increased by about 48% from the previous month. However, Ripple stated at the time that it had decided to temporarily suspend programmatic sales and impose restrictions on institutional sales. The company is also committed to significantly reducing future token sales activities.
As the price of XRP continues to fall, this has not calmed investors.
Ruibo CEO responded to question: already reducing XRP sales
Garlinghouse also responded at the same time:
"XRP is sold to increase the use of XRP – to develop RippleNet and support other commercial applications. In fact, we have reduced quarterly sales, after which the inflation rate of XRP circulation supply has been lower than BTC and ETH."
In addition to responding to the allegations of selling, Garlinghouse also mentioned the recent class action lawsuits that Ripple faced. In this lawsuit, an investor accused the company of selling XRP as unregistered securities, in violation of federal law.
A new document in the lawsuit specifically cites the guidance issued by the US Securities and Exchange Commission (SEC) to confirm that XRP is considered a security.
Garlinghouse responded briefly by saying that “the SEC guidelines were not issued by the committee, nor were they legal, regulatory or regulatory,” and pointed out that the UK and other countries have explicitly opposed the classification of securities for their tokens.
Garlinghouse explained on Twitter that XRP is clearly not a security, which shows that he is confident that Ripple will win the lawsuit.