The XRP and CoinMarketCap saga has taken a new turn with the cryptocurrency listing website revealing a new development on XRP’s circulating supply. CoinMarketCap had tweeted:
“The circulating supply data we are reporting for XRP is directly from the Ripple network stats. The “distributed” portion of the XRP supply is what is currently in circulation. The “undistributed” portion of XRP is not circulating as indicated by Ripple.”
The latest release by CoinMarketCap comes after research by the company that took into account the general XRP circulating supply displayed on the website. CoinMarketCap has also given out a list of code snippets that show the charts considering the XRPs in the distributed portion of the circulating supply and not the undistributed portions. XRPs are not mined like Bitcoin, so all the XRPs present were brought into existence from the point of creation of the XRP ledger.
The claim comes after multiple reports of XRPs circulating supply being manipulated online. The initial issue was about CoinMarketCap not considering the XRPs in the escrow. Even after the latest update from CoinMarketCap, users were still aghast about the previous accusations and comments. ExArePee, a Twitter user stated:
“We will never forget your manipulation and korean exchange saga…Wild West coming to an end and you will be looked at by regulators for providing inaccurate and misleading information for investors. You have little time to put this right…”
Another Twitter user, XRP Patriot had said:
“You’ll be faZed out like old tech , you are the MySpace of crypto . Make way for the big boys !”
According to CMC, XRP’s current market cap is holding at $14.094 billion with a total circulating supply of $401.657 million. The market cap disparity has also caught the eye of several popular members of the XRP community.
David Schwartz, the Chief Technical Officer of Ripple and someone who has been called Ripple’s trillion dollar man, had also given his two cents on the matter, saying:
“I don’t really have strong feelings either way. It is hard to figure out how to be fair in all these different cases. But it is weird that XRP winds up getting penalized in many ways for its transparency with people assuming the best imaginable about what they do not know.”
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