Is Ripple Selling XRP the Reason Behind XRP’s Declining Performance?
According to the latest findings, top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS, Binance Coin (BNB) and other cryptocurrencies are blooming with approximately 100% growth on a yearly basis whereas XRP is plummeting at 7.56 percent.
While most cryptocurrencies are up 100%+ in 2019, XRP is down nearly 8% on the year.
In other words, you would have been much better off simply buying an index fund.
Some are attributing this horrible performance to @Ripple selling massive amounts of XRP.
— xrp_news ⚡ (@xrp_news) July 12, 2019
However, the reason behind the downfall is still unclear, but according to some beliefs within XRP community, it is quickly revealed that few think it is due to “Company (Ripple) selling massive amounts of XRP.” In fact, according to the reports, Ripple has sold $890 million of XRP wherein 34.4% was sold to the crypto exchanges and 65.6% to the institutions.
Moreover, it was mentioned that the company has sold the highest amount of XRP ($169.42million) in Q1 2019. This seems to be the first highest sum in XRP that Ripple has ever sold.
XRP and Hack Incidents
To remind, XRP has seen quite adverse movements in the crypto industry this year. During June alone, a vast amount was stolen in hack incidents. In early June nearly $10 million in XRP were stolen from cryptocurrency wallet service GateHub. Accordingly, hackers got access to around 100 XRP Ledger wallets.
Besides, at the end of the same month, a Singaporean crypto exchange, Bitrue had suffered a significant hack incident. During the hack, the exchange suffered a loss of about 9.3 million XRP, which quickly affected the price of XRP on the graph of Coinmarketcap.
Besides that, as TronWeekly reported today, a Japan-based licensed crypto exchange, Bitpoint has been hacked for $32 million in XRP, and other cryptocurrencies. Bitpoint confirmed the report on Friday (today) after suspending all its services including trading, deposit, and withdrawals of all crypto assets.
It’s worth to note that the current price of XRP is still down from its ATH of this year. At the time of reporting, XRP is quickly gearing up with 3.76 percent over the past 24 hours and counting its trading value at $0.34 against US Dollar. Moreover, being the third-largest cryptocurrency, Ripple’s native cryptocurrency’s current trading volume stands at $14,690,027,178.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.