Women’s Equality Day is a monumental day celebrated every year on August 26 to commemorate the day women acquired the right to vote in the United States after the 19th Amendment was passed by the US Congress. The amendment was passed in Congress in 1919 but was implemented as a Federal law a year later in 1920. 1971 marked the year Women’s Equality Day was first celebrated.
This year’s annual event was proudly sponsored by Ripple Labs Inc., the company behind XRP cryptocurrency. On the other hand, XRP has had a lackluster price performance despite Ripple inking major deals and investors believe this is Ripple’s doing.
More than 2,300 XRP holders have now signed a petition asking Ripple to stop crashing XRP prices by flooding the market with XRP coins.
Ripple Labs Endorses Women Equality
Women’s Equality Day event was organized by Silicon Valley Leadership Group. A Ripple team woman representative, Emi Yoshikawa announced news of sponsoring the event via twitter. She stated:
“We at Ripple are honored to be a sponsor for this event organized by Silicon Valley Leadership Group to celebrate female leaders.”
Ripple Inc. has a penchant for sponsoring events with the XRP token. In 2018, the San Francisco- based company donated roughly $29 million in XRP to a charitable organization, DonorsChoose that assisted public schools teachers to raise money for materials and experiences vitally important for learning. It goes without saying that this recent sponsorship was likely made with XRP tokens.
Ripple Manipulating XRP Prices?
In the first half of 2019, XRP was stuck in a tight range with the prices unable to surge. In fact, most of the other top 10 cryptocurrencies outpaced XRP by leaps and bounds despite XRP is the third-largest cryptocurrency by market cap.
A few weeks ago XRP slumped to as low as $0.2374, just a few hairs above the lows posted in 2017’s crypto winter. At press time, XRP is trading at $0.2693 as per data from CoinGecko after shedding 1.3% in the last 24 hours. Therefore, XRP remains vulnerable to further losses below $0.262 and $0.258 key support levels.
Many disgruntled investors believe this bearishness is attributed to Ripple increasing its quarterly XRP sales. One such investor is Kyle Samani the co-founder of Multicoin Capital crypto hedge fund. During a recent interview with Bloomberg, Kyle opined:
“The company has been steadily increasing their sales of XRP over the previous three quarters, likely inflicting downward price pressure on XRP. Savvy investors have known this for some time; however, for whatever reason the market is just now picking up the narrative and reacting.”
XRP community has been quite unhappy about Ripple’s grandeur donations and dumping on the market all while XRP struggles price-wise. Evidently, the recent donation of 1 billion XRP by Ripple to Coil did not sit well with the XRP community as observed by one Reddit user.
As things stand, over 2,300 investors have already signed a petition to stop Ripple from “dumping” XRP on the market. The petition was started by an ardent XRP holder by the name Crypto Bitlord and posted on Change.org.
According to these investors, this dumping of XRP tokens is the reason XRP prices have been on a decline for a long time. The petition has garnered 2,383 signatures so far of the 10,000 signatures that are required. The petition reads in part:
“Ripple continue dumping billions of XRP on us, crashing the price!”
Notably, despite the disappointment with Ripple, Crypto Bitlord notes that XRP is a “solid coin with major potential” because of the major partnerships that Ripple is known for.
It is highly unlikely that Ripple will be prompted to change its XRP sales tactics by this petition. But one thing remains clear: XRP investors are infuriated.