A crypto influencer has created a petition asking Ripple to stop selling XRP.
Crypto Bitlord tweeted the petition out to his 102,000 followers on Monday. At time of publishing, 793 people have signed on.
According to the petition, Ripple’s routine sale of XRP is keeping the price of the digital asset from rising.
“As you know, Ripple continues dumping billions and billions of XRP on the market, crashing the price! I decided to make a change to stop Ripple [from] dumping on us…
Every day 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 is dumping on us. And not small amounts either. Literally billions. We have seen the reports of them disclosing this so it’s a fact.
Now imagine a world where those coins aren’t dumped… where the buyers get to buy without dumping and price suppression… You and I both know what happens. We pump. And pump. Like the good ol days.”
Ripple owns more than half of the total supply of XRP, with the vast majority of its holdings locked in escrow. Each month, Ripple releases one billion XRP from escrow and sells a fraction of that amount to crypto exchanges and institutional participants. The sales are executed over-the-counter (OTC), which means they are not performed on crypto exchanges, which would directly affect the price of XRP.
Regardless, Crypto Bitlord says Ripple’s sales are flooding the market and preventing the price of XRP from rising. Ripple sold $251.51 million in XRP during the second quarter of this year and $169.42 million in the first quarter.
The San Francisco startup says it uses the funds from the sales to power its company and push the adoption of the XRP and blockchain ecosystem.
Ripple’s development arm Xpring has invested $500 million in blockchain-based projects that it believes will either boost XRP or grow the industry in the long run.