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Ripple’s $XRP has been facing a pump-and-dump pattern for a long time. Over just 24 hours, the sixth largest cryptocurrency has surged up to $0.47 and has also plunged near $0.45, which indicates that though the currency is moving to and fro continuously, the asset refuses to give up its $0.40 level.
Currently, Ripple’s $XRP is selling at $0.46 after losing 2.03% in the last 24hrs. The immediate resistance for $XRP is positioned at $0.50, and the support is around $0.40.
$XRP Holdings Drop
It has been observed that the $XRP holdings have slipped below 50% of its total circulating supply; this is the first time this has happened since the $XRP Lab formation. In the Q3 report, published on Oct 27, Ripple has been criticized for giving complete ownership over its $XRP ledger.
However, this claim is denied by Ripple; instead, the company states that the $XRP Ledger uses Federated Byzantine Consensus to validate the transactions. This indicates that no matter how many $XRP a validator owns, he will receive only one vote.
Ripple’s CEO also stated that the more customers make use of $XRP in their payments, the more real-world utility shall be established.
Below 50% – a huge milestone! For 10 years, Ripple has focused on using $XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use $XRP in their payments flows, it’s clear there is real utility here. https://t.co/jKZwye17uZ
— Brad Garlinghouse (@bgarlinghouse) October 27, 2022
The report also claims that $XRP’s net sales for Q3 have dropped to $310.68 million from Q2’s $408.9 million. On the other hand, Ripple asserts that it has expanded the $XRP payments in Q3 through a partnership with Travelex, a forex company. This deal with Travelex will allow $XRP transactions between Brazil and Mexico.
Meanwhile, in the long-running battle of Ripple vs SEC, Ripple gained a major victory after the US court ordered the US Securities & Exchange Commission to hand over Hinman documents.