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Ripple’s Q1 report called out by Messari Crypto Founder over manipulation of facts

Akash Anand



Ripple's Q1 report called out by Messari Crypto founder on the basis of manipulated facts
Source: Pixabay

Users, especially the ‘XRP Army,’ have always been excited about being notified about Ripple and news about its tie-ups and developments. The latest development out of Ripple’s stables is its Q1 report for 2019, which provided insight into the amount of XRP taken out from the escrow account and an overall overview of the company’s progress in the cryptocurrency space. The report stated,

“Ripple’s Q1 sales accounted for 0.32 percent of global XRP volume. Three billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow. XRP is now listed on approximately 120 exchanges worldwide.”

As a rebuttal to the report however, Ryan Selkis, Founder of Messari Crypto, highlighted some facts which, according to him, put a veil on the Brad Garlinghouse-led company. Selkis tweeted,

“Ripple Q1:
+$170mm in XRP sales
+ Uses inflated CMC volumes of $54B for the quarter as a ref point
+ Still no disclosure over the typical terms of enterprise sales (discounts, sales restrictions, etc)
+ Has now raised more $ via token sales than filecoin, dfinity tezos combined.”

Selkis’s comments on the inflated CoinMarketCap volumes can be attributed to previous reports that alleged that the cryptocurrency information website was manipulating figures of certain coins. The controversy also resulted in the aggregator admitting inaccuracies in its data, promising to take sterner steps to improve the quality of data. Carlyne Chan, Global Head of Marketing at CMC, also commented on the issue, stating,

“For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ’good’ or ’bad,’” Chan said. We want to state that our philosophy is to provide as much information as possible to our users, so that they can form their own conclusions and interpretations –- and not introduce our own bias into that mix.”

Ryan Selkis’ tweet had its takers after a lot of people in the cryptospace pointed out that David Schwartz, Chief Technology Officer at Ripple, sold all his XRP last week. Several others joined the bandwagon, while asking Ripple to provide full disclosure about its partnerships with organizations like R3 and Corda.

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.