Although Ripple returned approximately 900,000,000 XRP ($173,896,685) back to Escrow on Jan 2, 2020, the $192 million worth of XRP unlocked by the tech company from escrow on December 31st rose eyebrows in the crypto community, making many expect a negative outcome.
Weiss, a respected provider of “unbiased” ratings for cryptocurrencies, also reflected on the incident, stating that the Ripple’s constant dumping of the market could be dangerous for XRP price.
Similarly, the research firm also commented on the performance of Ethereum, the most important altcoin in the ecosystem, and Cardano, in building infrastructures. Weiss noted that compared to Ethereum, Cardano is making a great progress in the industry when it comes to building infrastructure.
Ripple Begins 2020 with Market Dumping
Weiss Rating has addressed the continuous unleashing of XRP by Ripple into the market every month.
Weiss said the release of $192 million worth of XRP is part of Ripple’s planned incentive scheme, it however, said such action would negatively affect the price of XRP in the market.
“2020 at Ripple begins with a further release of XRP tokens worth $192 million as part of a planned incentive scheme. These constant dumps that Ripple makes are not helping the price of XRP, that’s for sure.”
Cardano is Better than Ethereum in Building Infrastructure for Cryptocurrency
Weiss rating has also applauded the performance of Cardano blockchain in the crypto ecosystem. The rating system said Cardano has been performing beautifully in building infrastructure for crypto.
Weiss furthered that, Ethereum, on a contrary note, has been on the other side of the page. The research firm said unlike Ethereum, Cardano pays developers to build infrastructure for crypto.
“Paying developers to build infrastructure for crypto is a good idea – that’s what Cardano does, and Ethereum doesn’t. On chain treasuries make sense, especially for smart contract platforms. We wonder why they’re so controversial”.