Ripple, the blockchain payment network, announced in its third-quarter market report that it sold $66.24 million worth of XRP in the third quarter of 2019, down 73.66% from $251.51 million in the previous quarter. .
Ripple said in the report that it had plans to reduce XRP sales in the third quarter.
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The main points of the third quarter report are:
“1. Ripple’s XRP sales in the third quarter of 2019 were $66.24 million, and XRP sales fell by 73.7% in US dollars.
2. In the third quarter of this year, the total market value of digital assets fell by 30.4%. The price of XRP dropped by 35.4%.
3. 3 billion XRPs were released from password hosting, of which 2.3 billion XRP were returned to hosting.
4. XRP has been launched on more than 140 exchanges worldwide. ” The company said it will continue to observe the development of XRP trading volume in the fourth quarter, and will adopt a similar strategy to the third quarter in token sales.
(XRP third quarter sales and trading volume, image source: Ruibo blog )
XRP sales rate is lower than ETH inflation rate
Ruibo also pointed out that "Since the beginning of this quarter, the distribution rate of XRP has been lower than the inflation rate of ETH and LTC, similar to BTC."
The company also responded to allegations that it sold XRPs in the market and manipulated prices, saying that a large part of such allegations were spread through Twitter's robot account.
Allegations of Ripple’s selling of tokens are often evidenced by a large number of XRP transfers, but these “actually are token transfers between the Ripple Money Pool and the Managed Management Account”. The report said that such transactions will not have a direct impact on the market because they will not bring new currency to the market.
In sharing its product developments, Ripple mentioned that XRP is well-suited for global payments because it is faster, less costly, and more scalable than other digital assets.
“The application of Bitcoin is often seen as a hedge, and we believe XRP is by far the most suitable digital asset for global payments.”
Twitter robot propagation FUD
In addition, Ripple also claims that, according to tools developed by Indiana University, robots have created a large number of topics in social media. The percentage of robotic manufacturing topics in each currency is 49% for Bitcoin, 71% for Ethereum, and 50% for XRP. The company added that XRP-related activities generated by Twitter robots have also increased this quarter.
In the report, Ripple also listed the two most important FUD (fear, uncertainty, doubt) topics that Twitter robots make on XRP.
FUD #1: Selling allegations
Allegations of Ripple’s selling of XRP increased by 179% from the previous month, which is the most common allegation facing Ripple.
The company responded that the XRP transfer between the Ripple fund pool and the escrow account cannot be considered a sell-off. In addition, it also said that critics often point the finger at XRP whales, but there is no evidence that the performance of XRP whales is different from Bitcoin or Ethereum whales.
FUD #2: Price Control
According to the report, 49% of allegations that Ripple caused the decline in XRP prices came from robot accounts.
On this issue, the company once again stressed that Ruibo could not control the price of XRP. In the large and independent digital asset market, Ruibo could not make a big impact; XRP was independent of Ruibo, even if the company disappeared one day, XRP The books will continue to exist.
What do you think about the explanations that Ripple made in this quarterly report?