Ripple and XRP have been in the news lately. Sometime in August, XRP registered some activity in the markets but it did not affect the token’s price significantly. The XRP whales continued to remain very much active in the digital assets markets in spite of the constant sideways price movement of Ripple’s native coin.
The XRP community members have been squabbling for some time now. Notably, they have moved from the earnest petitioning methods to sarcastic ones. They are doing all that as they continue to express their discontentment about the negative market consequences. They are angered by how Ripple is purportedly dumping too much XRP tokens.
The members’ change.org petition was launched at the end of August entitled “Ripple Must Increase the “Dumping of XRP.” that petition has already attracted over 200 signatures as of September 5.
Release the Utility
The petition kicks off with a humorous tone opening with:
“This is a race towards mass adoption. XRP is a tool that can solve many of the world’s problems.”
This petition goes ahead to propose that Ripple now needs to increase the rate of its “strategic OTC sales and infrastructure investments.” It argues that the asset does not provide any benefits while languishing in the wallets. Then, sarcasm kicks in:
“Unleash the Utility! You must get the greatest digital asset ever created into the hands of people that can use it. It is hard for investors of inferior digital assets to understand. Since Bitcoin does nothing they must play games with its supply. XRP’s value comes from utility. The more XRP being used the more valuable it will become.”
The choice of wording seems to ironically reflect the remarks previously made by Brad Garlinghouse, Ripple’s CEO. He had tweeted in defense of the company’s token sales plan on August 28.
2/ XRP sales are about helping expand XRP's utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019
The creator of this petition signed as ‘Jungle Inc’ and he ends with a rallying cry to sell more. He exclaims:
“You must do what’s right for the world.”
“Our CEO overlords keep dumping on us”
This initiative shows a major frustration among the members of the XRP community. They have continued to spill their displeasure to Crypto Twitter using sarcastic anger. On September 2, one member posted:
“#Bitcoin: Here’s a total separation of monetary policy from the state, opt-in, predictable, and now nearly impossible to change.
#XRP: Our CEO overlords keep dumping on us, diluting supply. Petition is not working. If only there were an alternative that fixes this!”
The petition focused on the more straight-faced effort started by Twitter personality @CryptoBitlord in its last section. This Twitter personality is known to have launched a petition to “Stop Ripple dumping” almost a month ago. That petition has obtained more than 3,200 signatures currently.
@CryptoBitlord has threatened the company’s executives with a community takeover if they do not address these concerns. Ripple’s quarterly reports indicate that the company is selling a high number of XRP tokens to fund its investments in various firms.
These firms that Ripple invests in have a major potential of growing the XRP ecosystem and simultaneously fund its operations. The reports published in July revealed that there was a quarter-to-quarter increase of XRP sales of around 48%.