According to a recent report, a disgruntled Ripple investor is threatening to fork XRP. This comes in response to how he perceives Ripple to be “dumping” billions worth of XRP. He believes this supposed dumping is collapsing the price of XRP tokens.
Crypto Bitlord began by taken offense over alleged XRP “dumping” practices
The crypto investor in question is a cryptocurrency trader known under the pseudonym “Crypto Bitlord”. Moreover, Crypto Bitlord has a substantial following on Twitter, with more than 100,000 followers.
Crypto Bitlord has previously been a vocal supporter of Ripple’s XRP token. As such, he has been held in high esteem within the greater “XRP Army” Ripple community.
Nevertheless, it would seem that the investor has now shifted views on XRP quite substantially. Earlier in August, Crypto Bitlord started a petition on change.org. This petition aims to persuade Ripple into stop “dumping” large amounts of XRP, which Crypto Bitlord argues is crashing XRP’s price.
Instead, Crypto Bitlord notes that the XRP community could instead increase XRP’s price. In the petition, which has around 3,000 signatures, argues XRP supporters should pump the crypto’s price.
Crypto Bitlord is now threatening to fork XRP
With this said, however, it seems Crypto Bitlord wants to take even more dramatic action. He is now threatening to fork XRP. This would be a way for Crypto Bitlord to seize control over Ripple’s token from Ripple itself.
Crypto Bitlord notes that this would allow the XRP community to disregard Ripple’s whims, wishes and overarching strategy. “I’m thinking about forking XRP so we don’t have to deal with the founders dumping. This will be a community effort.”
However, following this statement Ripple’s CEO, Brad Garlinghouse, took to Twitter to address this threat. According to Garlinghouse, XRP sales are necessary and revolve around “helping expand XRP’s utility.”
Nonetheless, Crypto Bitlord did not accept this response. Instead, he wrote that Ripple now only has 60 days to stop dumping XRP. If Ripple does not comply and stop “dumping” the cryptocurrency, Crypto Bitlord threatens to stage a “community takeover”.
This has only made things even worse, according to reports. Crypto Bitlord claims to have even received death threats over the proposed community fork. On the other hand, it is unclear whether Crypto Bitlord’s claims are true or not.
No matter what, any XRP supporter will do well to follow this story and see whether Crypto Bitlord indeed takes control in less than 60 days.
Image Source: Forbes
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.