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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.