- Ripple Denies Any Wrongdoing Following XRP FUD Allegations
- Ripple Says Twitter Bots are Responsible for XRP Quotes
The controversy is never in short supply in the digital currency space. This time around, the report is about Ripple and its native token, XRP. In the networks’ recent quarterly report, Ripple lists the number of milestones it managed to achieve in quarter 3 before addressing several FUD issues. For the FUD issues, the network blamed Twitter bots activity.
Ripple addressed several issues including fears over what some members of the crypto community have been saying about XRP. Among the concerns is the networks monthly release of the XRP token from escrow as well as the process of putting it in the market. This reason, along with accusations of XRP price manipulation, make up the FUD.
Concerns Over XRP Price Manipulation
The Ripple report is a reminder of the fears surrounding XRP (which came up in the last quarter). Many people published false data about the crypto giant as well as how its native token operates.
The allegations as mentioned above included the dumping of XRP in the crypto market after consistent releases from escrow. Another FUD topic (also consequential to the first FUD) is XRP price manipulation by its parent company, Ripple. The report shows that every month, Ripple removes 1 billion XRP from escrow.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.292
The document prepared over the company’s recent actions responded to the accusations this way:
“Discussions about the large amounts of XRP that was moved revolved around transfers/remittances (of XRP between escrow and Ripple’s treasury).”
“The inconsistencies surrounding Ripple is the reason why the price of XRP is down.”
The company adds that it is not possible for Ripple to technically influence XRP quotes. The reason is that XRP is a fully independent digital token. The crypto giant also stressed that it is more interested in XRP’s success than manipulating it (because Ripple is an XRP stakeholder).
Ripple Says Twitter Bots are Responsible for XRP Quotes
The document cites one research that was conducted by Indiana University. The study assumes that in the third quarter, Twitter bots can take the blame for 50% of the FUD about XRP. While another 49% goes to BTC and about 71% is about ETH.
Of course, the issue of FUD is a normal occurrence that emerges whenever there is a technological breakthrough. Hence, this offers the conclusion that in quarter 3 of this year, the spread of misinformation or falsified data about XRP by bots has been higher in recent times.