What happens when a company dumps their coins so hard that their community members threaten to fork and take control? Do you compromise with your investors? Promise not to dump anymore? When push came to shove over at Ripple HQ, the brilliant suits had a much better idea in mind.
The XRP Army is slowly becoming cognizant of the fact that the Ripple company dumping hundreds of millions of XRP every single month is probably not great for their failing investments. In order to voice their opinions, the community put together a petition begging the Ripple team to stop and allow the price of XRP to flourish once more.
The Ripple team has historically defended their regular multi-million dollar dumps as necessary activity for “buidling out the Ripple ecosystem”. When they decided not to abandon their business model of dumping on their holders after the signature accumulated a whopping three thousand signatures, Popular Twitter account Crypto Bitlord threatened to fork the coin and return to the glory days.
Members of the XRP Army who have remained faithful to the Ripple team have responded with ample death threats and leaks of Bitlord’s personal info via the Binance KYC hack. Regardless, the brave soul went ahead and forked the whole thing, according to exclusive Bitcoin is the Devil information.
So what did Ripple do? Why would they fix what ain’t broke? They just kept dumping.
When the fork happened, everyone got their own coins copied into the new community fork, including Ripple Co. Instead of dumping 500 million XRP at a time Ripple HQ officials were happy to announce that they will now be dumping 1 billion at a time, equal parts original and forked XRP.
With double the coins to burn, Ripple expects to expand their operations and accelerate the rate at which they will pay banks to say they are partnered with the company. Caleb, the guy that Ripple has designated as “conference goer” explained that, in this situation, “dumping XRP has actually proven really good for XRP.”
The community fork maximalists, with zero support in terms of business partnerships or developer commitment, are reportedly seeing their new Ripple dump even faster than before.
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