XRP Among 2019 Biggest Crypto Losers Despite Bullish XRP Price Prediction In The Beginning Of 2019

In the ripple news today, the top cryptocurrency has incurred the biggest loss in 2019 among the top ten cryptocurrencies. The coin poses a loss of -23% in 2019 thus far. In spite of all these loses, the coin still maintains its position as the number three crypto in the world by market capitalization. Only Bitcoin and Ethereum rank higher. However, the coin has wiped off about $3 billion from its market capitalization this year alone. Although the short term market performance of the coin may not be encouraging, there are positive indications that the coin may perform well in the long-term.

Ripple News Today – XRP News Today – XRP Price Prediction 2019 – XRP Latest Update – Analysts Believe Ripple Should Be Blamed For XRP’s Loses

It’s true that the market sentiment has been negative but the coin’s poor performance in the crypto market is largely the fault of its owners — Ripple. Ripple is in control of about 75% of XRP tokens. As much as 500,000 XRP tokens are being dumped in the crypto market by Ripple co-founder, Jed McCaleb, daily. The increased level of XRP trading in the last three quarters of the year has had a negative influence on the price of the coin, putting heavy pressure on the coin, hence pushing the prices downwards. Unfortunately, investors of the XRP coin are only beginning to notice this, even though it has been going on for quite a while. Interestingly, Ripple has come out to defend its coin’s downtrends, stating that the dumping of its coin is to fund development purposes. Ripple claimed that its sales are connected to volume exchanges and they may lower in the next quarter.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.271
-1.00%

Ripple has nevertheless failed to be straightforward about its trade supplies. When Ripple created an escrow service in 2019, it deposited 55 Billion XRP tokens. The company then said it would release only 1 Billion XRP tokens per month and would sell the tokens to institutional buyers alone. However, some observers believe that Ripple has not kept to its promises and there are some discrepancies over how the company issues its tokens.

According to Nic Carter, the co-founder of Coin Metrics, the figures reported differing from the actual XRP figures sold by Ripple. Since these figures a vague, no one knows the actual amount of XRP tokens being dumped by Ripple from time to time. The rate at which Ripple dumps XRP has gone up this year exponentially. “Last quarter’s $251.5 million went up almost by 50% from the $169.4 million sold in the first quarter of the year”, Eric Turner told Bloomberg.

One good news for Ripple is that a major upheaval must occur before Ripple is toppled from its current position at number three. Bitcoin Cash is the fourth cryptocurrency by market capitalization and its value is half that of Ripple’s XRP.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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