Ripple is facing a hard time maintaining a good value in the crypto market against the U.S. Dollar. Looking at the value of XRP in the market, 2,000 crypto investors came together to sign a petition, requesting Ripple to stop selling so many XRP tokens in the market.
These investors think that the availability of so many XRP tokens in the market is the reason behind the weak value of the cryptocurrency. XRP reached the peak record price of $2.85 on January 2018, and after more than a year in June, it traded at $0.5055, facing a fall of 47%. On the other hand, Bitcoin saw a fall of 25% since hitting its $13,930 record high in June.
The petition was posted on Change.org by a user, and the reason behind this petition is the poor performance of the token in the past year. Ripple is just dumping coins in the market, which is causing a poor performance by the token.
Ripple might come across this petition and news and will understand the dismay felt by the people, but it is unlikely that the company will change its selling policy. In August, Ripple unlocked a billion XRP tokens worth $314 million from escrow worth.