Ripple’s quarterly report faced criticism and doubt after a CoinMetrics report stated that it found several discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger. Ripple CTO dismissed the report saying that it was due to an “issue”.
The report stated:
“Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices).”
In addition, the report alleged that the escrow queue, which detailed ‘when’ and ‘how much’ XRP was released from the escrow, was implemented differently than previously announced. The future release of XRP into the market was faster than the announced schedule, reported CoinMetrics.
As seen in the below image, the highlighted quarters Q3 of 2018 and Q1 of 2019 were where the discrepancy was noticed.
David Schwartz, the CTO of Ripple and one of the original architects of XRP Ledger, replied to Coin Metrics:
“Regarding the chatter about reporting methodology around XRP escrow in @Ripple’s quarterly XRP Markets Reports: this is simply a timeline issue.”
Schwartz further explained that they had tweaked the timeline in 2018 to reflect transactions that happened each month of the quarter rather than linking returns to date of the initial escrow release.
In addition, Schwartz tweeted:
“We plan to add some additional language in future markets reports in our continued efforts to be the most transparent in the industry.”
A Twitter user @Stevezajac3, commented:
“A scam is a scam. Tokens made out of thin air is not a true crypto in any shape or form. Just a nice way to print free money, gotta give it to ripple though. They have created a new central bank by selling their shitcoin to fools who keep buying it up thinking they gonna rich.”
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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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