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XRP has been steadily falling for 2 years straight

XRP price has been on a steady decline since crypto winter set in 2 years ago. The Ripple company has a stockpile of pre-mined tokens which they routinely sold in large quantities on crypto exchanges to raise capital to fund development. In recent months however, there has been a significant effort from Ripple to reduce the amount of XRP that is sold on exchanges.
The recent announcement of a possible Ripple IPO has raised doubts over the utility of XRP, particularly as the asset is not a compulsory tool for facilitating RippleNet transactions. The native asset is trying to compete with SWIFT, the antiquated international payments system. Their lobbying of world leaders at this year’s World Economic Forum, was to advance this narrative.
Critics have also pointed out that the XRP ledger is missing 32, 570 blocks, including the genesis block. This means that the creation, and chain of custody of Ripple’s 100 billion XRP supply cannot be audited, you simply have to trust Ripple.
“Apparently, Ripple is missing 32,570 blocks from the start of the ledger and nodes are not able to obtain this data. This means that one may be unable to audit the whole chain and the full path of Ripple’s original 100 billion XRP launch.” @BitMEXResearch
Very interesting!
— Peter Todd (@peterktodd) February 6, 2018
Rippe has also faced criticism for attempting to avoid securities laws and is currently defending itself in court from a class action lawsuit for selling XRP as an unregistered security to investors. This isn’t Ripple’s first run in with the law, in 2015, they were fined for violating the Bank Secrecy Act and were fined $700,000 dollars. They were also sued in 2017 by R3 Blockchain Consortium over a dispute over options to buy XRP tokens.
What do you think of Ripple being mentioned in the Congressional hearing? Let us know in the comments!