Twitter User Starts Petition for Ripple to Burn Half of Its XRP Reserve to Pump XRP Price

A digital currency trader and investor that goes by the name Crypto Bitlord on Twitter just started a petition for Ripple to stop XRP dumping. He recommended that Ripple should stop releasing more XRP tokens into the digital currency market, adding that it would help increase the price of the digital currency. Twitter now serves as a top platform for FOMO (fear of missing out) media in the world. When it comes to digital currencies, it’s even more than that.

XRP Community Wants Ripple to Reduce the Supply of XRP Tokens – XRP Price Prediction – Cryptocurrency Market Update

Crypto BItlord started a proposal on Twitter that Ripple Inc. should burn half of the XRP tokens it has in its reserves. It appears that a lot of XRP enthusiasts are supporting the proposal of the crypto trader for Ripple to stop dumping XRP by reducing the supply of XRP into the digital currency market. This is somewhat logical. If the supply of XRP is reduced, the demand for the coin will be more than its supply, which would create scarcity and result in an increase in the price of XRP.

The starter of the petition – Crypto Bitlord – has more than 100k followers on Twitter. The petition is just a few days old and more than 300 people have already signed it. The petition specifically says that “Ripple should no longer release its supply of XRP into the digital currency market.” According to Bitlord, if Ripple stops releasing its supply, it would lead to a pump in XRP price, “like the good old days.”

Ripple Is Holding Over 50% of XRP – XRP News Today – XRP Price Prediction – Cryptocurrency News Update

A lot of XRP fans are placing the blame on Ripple for holding more than half of the total supply of XRP. Ripple locked the tokens in escrow. They release the coins periodically. However, those moves significantly increase the supply of the digital currency and help to push the price of the digital currency downward. For the past couple of weeks, XRP has been showing signs of inconclusiveness as the price action was hovering in the middle of consolidation after a severe bearish case that stroke the entire digital currency market during the July trading.

Nevertheless, XRP bulls have started showing signs of commitment to trade a couple of days ago. This movement helped to increase the market cap of XRP by 2.1 percent. XRP investors and traders strongly believe that if Ripple reduces the supply of XRP tokens into the market, by burning 50 percent of the XRP tokens they have in their reserve, there would be a significant pump in the price of XRP.

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.264
-1.05%

XRP Gains More Dominance and Use Cases – Cryptocurrency Market Update – XRP Price Prediction 2019

Recently, Whale Alert shared news of a transfer of 100 million XRP tokens between unknown wallets. This news came just a day after MoneyGram released its second-quarter financial report that that confirmed that the firm used XRP and Ripple. It appeared this news aroused some XRP whales. XRP USD price has not recorded any massive growth this year. Nevertheless, with more developments like this, XRP has a promising future and its price could grow enormously before the end of this year.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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