When it comes to the cryptocurrency world, everyone loves to talk about a “community”. Each crypto in the crypto-verse has one, made up of people who know almost everything that happens in their coin’s world. Most of these people also claim to be long-term bullish on their favorite cryptocurrency as they believe in their coin’s potential.
There is one cryptocurrency, however, for which a large portion of the community has called it quits. This happens to be XRP, the world’s third-most valuable cryptocurrency.
The XRP Army Is Growing Smaller By The Day
Per a new report published jointly by The TIE and eToro, a good number of the XRP community have packed their bags and left for good. The report notes that during the first quarter of this year, the number of Twitter users talking about XRP dropped by a cool 16%. The price of the coin, on the other hand, fell by 9.51% over the same period.
Moreover, a crypto trader on Twitter going by the online alias Aztek_btc observed that crypto-centric Telegram channels have witnessed a chilling decline in the number of members.
According to this trader’s data, between June 2018 and April 2020, a notable number of members left their respective crypto communities. Notably, a lot of this “community capitulation” happened between November last year and this month.
The Ripple/XRP community specifically has lost approximately 64% of its members since June 2018.
Why Are XRP Community Members Calling It Quits?
Most XRPers focus on Ripple’s merits as a potential leader in cross-border payments. They believe that Ripple will ultimately deliver on its promise of an Internet of Value for everyone and this will translate into the price of XRP. Some factions of the XRP community, however, are enraged by the fact that Ripple owns more than half of the total XRP supply which they keep “dumping” on them.
Suffice to say, there’s no single explanation as to why many XRP community members have thrown in the towel. However, some well-known XRP proponents have ditched the project en masse and explained why they made that decision.
For instance, Tiffany Hayden, who was one of the most vocal XRP supporters announced early last month that she had sold all her XRP tokens and is no longer a supporter of the Ripple project.
Hayden opined that there is too much toxicity in the Ripple community that has hindered the growth of meaningful projects, adding that “wherever XRP supporters congregate, they have nothing better to do than talk shit about me.” She further noted that this was damaging her relationship with her parents and kids – and she couldn’t take any longer.
Moreover, the performance of XRP has been mediocre since hitting $3.84 highs in January 2018, which could also be causing the mass member exodus.
