Ripple XRP News Today – XRP is still the third-largest cryptocurrency per market capitalization. Even with the bearish sentiment in the market, the token has managed to stay a safe distance from the fourth position. However, the fact that XRP is in third place doesn’t mean it is performing well. In our Ripple XRP News yesterday, we noted that the XRP token is among the top three worst performing cryptocurrencies in 2019. At the same time, we also noted that Ripple has made many advancements. In our XRP news today, we are going to find out some of the factors that have contributed to the poor performance of the XRP token.
Ripple XRP News Today – XRP News Today – XRP Latest Update – Why Is XRP Struggling To Recover?
XRP has multiple use cases. This fact cannot be disputed. Last year, the token was the best performing amid the crypto winter. Now, XRP is struggling to stay above its 2018 support levels. There have been some speculations among members of the cryptocurrency community about the possible factors behind XRP’s performance. These are some of the common opinions:
For a long time, there were a lot of regulatory concerns about the XRP token. Some investors who believed in the future of the token were afraid to buy it because there was no clarification on the XRP SEC saga. After CoinBase listed XRP, some of these regulatory concerns dropped. Investors started to show more interest in XRP. However, on the 5th of August 2019, there was a public complaint against Ripple, XRP’s parent company. According to the Ripple News at the time, the filing was a follow up of a complaint that was made last year about XRP’s security status. It states that Ripple is selling unregistered securities to investors in disguise of cryptocurrencies.
XRP (XRP) Price Today – XRP / USD
The XRP News reignited the regulatory fears and promoted a sell-off. This wasn’t helpful when you consider the fact that XRP’s price was already struggling. While this is one of the reasons why the price of XRP is underperforming, it isn’t a possible reason.
Ripple Flooding The Market With XRP
Ripple holds about 75% of the total XRP in circulation according to Coinmetrics. However, the company has always insisted that it doesn’t have any control over the price of the token. It also promised not to sell all the XRP it holds at once. For the past few months, however, Ripple has increased the rate at which it sells XRP. In the second quarter of the year. It made about $251.51 million in XRP sales making up for a 48% surge in sales compared to the first quarter. Ripple gets most of its revenue from these XRP sales and its difficult to ignore the progress the company has made so far.
Apart from the tokens that are being sold directly by Ripple, David Schwartz, has allegedly sold over 2.8 billion XRP tokens since the beginning of the year while Jed McCaleb sells half a million XRP tokens daily, a move he started after leaving the company.
For now, everyone is hoping that the major Ripple partnerships will eventually reflect on the price of the token as soon as the general bearish sentiment subsides.
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