A petition asking Ripple to stop the dumping of the XRP crypto has been published on Change.org. The hypothesis is that Ripple is placing on the market billions of XRP, causing the price to fall.
During 2019, during which BTC, for example, increased its value by about 250%, the price of XRP fell from about $0.35 at the beginning of the year, to the current $0.30.
The promoters of the petition are blaming Ripple for this drop. The text of the petition states:
“Everyday there is good news… A new bank or partnership announced but still, it manages to keep on dumping. The only logical explanation is that Ripple are dumping on us. And not small amounts either. Literally billions. We have seen the reports of them disclosing this so its a fact”.
Moreover, the promoters hypothesise – perhaps a bit naively – that in a world where there were no such dumps, the price of XRP would rise “like the good old days”, referring to the only great rally of XRP, which took place between the end of 2017 and the beginning of 2018.
They even go so far as to explicitly imagine that:
“If they stop selling, it’s more likely the strong demand for this quality coin will naturally pump the price back to ATH and beyond”.
The aim of the petition is to collect ten thousand signatures to support the cause and stop the price from falling, although there is no mention of how this could be done, or what they would actually do once the 10k signatures have been collected.
The petition was launched only a few days ago, and 960 signatures have been collected to date.
Ripple Labs, the company that created XRP, is a for-profit company and during the second quarter of 2019 sold XRP for a total value of 250 million dollars in just three months. It’s hard to imagine how the petitioners could prevent the company from selling more XRP. Today, the company would still have approximately 50 billion XRP in its wallets.