For some time now, there have been many rumors going around about some exchanges and cryptos not posting their actual trading volumes. Rumor has it that some of them have been faking the data to present themselves as doing very well when in actual sense they’re getting hit pretty badly.
In a report released on June 3rd, Ripple cited a report presented to the SEC by Bitwise as having suggested that about 95% of the data presented to the public is falsified or grossly exaggerated. However, Ripple now wants to champion a new era that will end that dilemma.
Ripple opined that as a growing and respectable industry, the players in the crypto and blockchain business must be held accountable to provide authentic metrics.
Ripple Is Making Efforts
To solve this incessant problem, Ripple has resolved to work with various partners to establish the cause and extent of the problem and come up with better methods for reporting XRP trading volumes.
One of the changes to be made will involve an evaluation of the data sources and their set requirements. As such, the company said that it will be a bit more conservative when reporting XRP volumes starting this quarter.
Ripple’s Volume To See A Dip
The new development is expected to affect the figures posted for XRP volumes, and Ripple explained that. In that sense, XRP sales for Q2,2019 will be much lower than in the previous quarters. As such, the company expects its target of 20bps for XRP volume to go down to around 10bps. Going forth, Ripple plans to advocate for market-wide influence in reporting genuine volumes.
Still, in the report, Ripple claimed to be a proactive company that believes in transparency and hopes that the rest of the crypto ecosystem will follow suit.