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XRP community cries foul over CoinMarketCap’s repeated “market manipulation”

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XRP community cries foul over CoinMarketCap's repeated "market manipulation"
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CoinMarketCap [CMC] not considering the XRPs in the escrow is an escalating issue that’s being discussed widely. The cryptocurrency community is torn between people who believe that CMC is correct in not including the escrowed XRP, and people who believe otherwise.

XRP overtaking Ethereum to become the second largest cryptocurrency was talked about in the cryptocurrency community for a long time as it was not just a momentary switch in the ranking.

Ripple’s Chief Marketing strategist, Cory Johnson tweeted to an article of a popular news portal insinuating that the market cap was calculated incorrectly.

The conflict of ideas arises due to the fact that CMC is considering only the circulating supply and price for calculating the market cap and not the ones held in escrow. A part of the community is considering CMC to be right because, for the calculation of market cap, CMC uses the price and circulating supply and does not consider the tokens/asset held in escrows.

The other half of the community argue that with that definition the Bitcoin’s market cap has to be reduced as well because Craig Wright holds 1.1 million BTC in an escrow called “Tulip-Trust” which will be released in 2020.

Yahoo finance website is in agreement with the latter half of the community and considers the escrowed XRPs as well.

As per CMC the market cap of XRP at the time of writing was $14.57 billion and that reported by the Yahoo Finance the market cap is $36.17 billion while the price of XRP remaining at $0.3616.

Prominent members in the XRP community like Tiffany Hayden and Dr. T are against CMC’s version of market cap for XRP.

A Twitter user LaHoyaJolla commented:

“1/2 You keep saying this, but it your methodology is wrong and should be altered to:
A) better represent all projects
B) adhere to already standardized methods of determining market capitalization rather than arbitrarily creating a methodology that falls outside of the norm

2/2 BTC’s supply currently includes all unrecoverable BTC and large holders’ balances.
What does it feel like constantly losing these ideological battles? I hope it’s more exhausting than it is constantly fighting them.”

Furthermore, some community members even pointed out how CMC excluded the data from the Korean exchanges for market cap calculations on January 8, 2018 without any prior intimation.

CMC, at one point partially agreed with the community and asked a Ripple official to submit a request to update the market cap.



David Schwartz, CTO of Ripple commented on the matter:

“I don’t really have strong feelings either way. It is hard to figure out how to be fair in all these different cases. But it is weird that XRP winds up getting penalized in many ways for its transparency with people assuming the best imaginable about what they do not know.”

A user, David Corner tweeted:

“Jon Redz:
Cory johnson would disagree with you. In fact Maybe the SEC should look at CoinMarketCap for manipulation of the market as they clearly have a bias towards, anyway no longer using coinmarket cap as it does not give you the true facts”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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