Ripple XRP, the third cryptocurrency by market capitalization and one of the oldest coins and bitcoins rivals has seen many ups and downs during its history. During his journey, it has gained a lot of supporters and also critics.
After hitting $3.34 in January 2018, Ripple continued the downfall until September 2019 hitting a price of $0.23 going down by 93% from the ATH. However, in October XRP seems to be up nearly 30% compared to the September bottom and the company aims for the price to go higher.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
Ripple owns nearly 60% of the XRP total coin supply and is usually criticized for centralization.
Recently, Ripple published insights on their official website claiming that the company sold $66 million worth of XRP in Q3-2019 which is 74% less than the $251 million of sales in Q2-2019, lifting off some of the selling pressure on the XRP market.
Ripple received a lot of criticism at the end of Q2 with many angry XRP holders blaming the company for dumping the coin and flooding the market with a big amount of XRP and causing the XRP to plunge.
The report focused on addressing the FUD and the spread of misleading information about Ripple manipulating XRP price, saying:
Last quarter, there was an uptick in FUD (fear, uncertainty and doubt) and the spread of misinformation about XRP, especially around topics such as purported XRP dumping and price manipulation by Ripple. FUD is a tool typically used to undermine new technologies. Due to the nature of digital asset markets, FUD runs rampant, often perpetrated by those with political or financial interests in certain cryptocurrencies. Healthy dialogue, transparency, and pragmatism are vital to dispel misinformation, properly educate the market, and foster innovation in our industry.
Prior this week, one month before Swell conference, which is one of the biggest Ripple events and where the company has made big announcements, Ripple CEO Brad Garlinghouse has been talking on the
Off The Chain podcast with Anthony Pompiliano where he said:
“The XRP ledger is roughly 1,000 times faster per transaction and 1,000 times cheaper per transactions than bitcoin. XRP is the only example of crypto and blockchain being used at scale, period.”
Last year Ripple launched xRapid, which is a payment network that will help financial institutions make trasactions faster.
This week, Garlinghouse told the Silicon Valley media outlet The Information about the company finances that are doing good and they are sitting on a $350 million cash pile as a result of 2-3 deals per week the company is signing with institutions.
Ripple supporters hope that September was the bottom for XRP and from now and after the price will continue to the upside.
Garlinghouse additionally spoke with criticism about Libra, Facebook’s cryptocurrency saying:
“I think that the way they approached it demonstrated, frankly, from my point of view, arrogance in how they rolled it out,…. I think Facebook did not appreciate the trust deficit they had.”
Cryptocurrency is becoming every day a more competitive space and Libra which will be a company coin like Ripple or JPM coin is seen as a threat, also because of the size and the monopoly a Facebook coin may create.
However “institutional crypto” is not “crypto” but it is the same old financial system with another shape. The bitcoin philosophy is to create a monetary system with more freedom for the people which is the opposite of what company coins offer.