In the quest to prove being considerate and transparent, Ripple, the Blockchain tech firm situated in the United States, has decided to reduce the subsequent sales of XRP, citing irregularities in the reporting data.
In a recently published blog post, Ripple reveals its plans to proffer solution to some issues arising, scheduled for the 2nd quarter of 2019, acting on the SEC report documented and submitted by Bitwise.
This came up after the reported volume in digital asset markets were challenged by a host of third-party sources. There are questions concerning the accuracy in the mode of reporting data and some other issues cited.
Ripple emphasised that the industry has grown bigger than such suggested anomalies, so there is need to give it immediate attention.
In the post, Ripple stressed that there is no pinpointed solution, but the firm is doing everything in its capacity to address the emerged questions over general trustworthiness of reports from the digital asset exchanges all over the world and market structure.
“While we aren’t claiming to have an exact solution, we are taking steps at Ripple to address these concerns and the questions they raise about the overall reliability of market structure and reporting at digital asset exchanges worldwide.”
Ripple Highlights Steps Taken to Combat the Issues
In order to better understand the extent of the challenges, Ripple stated that it has started working with trusted partners in the industry.
Ripple also stated that it has begun measuring its mode of reporting XRP volume, coupled with the method in which market data are being sourced. It concluded that more conservative approach will be needed in the sales of XRP in this second quarter of the year.
Drastic Decision Taken By Ripple in Q2 of 2019
For the meantime, Ripple has decided to substantively reduce the sale of XRP in this quarter of the year. Instead of normally programmed 20bps of XRP sales volume, it could be drastically reduced to below 10bps.
Ripple pointed that transparency is a very important legacy on which the organisation rest on. It concluded by admonishing the cryptocurrency sphere to follow suit, in order to collectively achieve the much awaited mainstream adoption of digital assets.
“At Ripple, we believe in proactive transparency. We hope others in the crypto ecosystem will follow our lead… Until we do this, we cannot expect to see wide-spread adoption of digital assets or blockchain technology.”
Ripple XRP in the Market
Ripple XRP is beginning to bow to bear market again as other digital currencies subject to the unknown force against bull. Only Bitcoin SV (BSV) has been standing tall with little or no impact of the general price drop in the market. At press time, XRP is trading $0.4, with 2.73% price plummet in the last 24 hours. No one knows how long the bear has to reign over all the top coins in the market.
