CoinMarketCap accused of manipulating XRP prices
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Answer CoinMarketCap accused of manipulating XRP prices
The Ripple community started accusing one of the most popular cryptocurrency price tracking sites, CoinMarketCap, for believing that the site was manipulating the price of Ripple (XRP).
It is worth noting that XRP has overtaken Ethereum to become the second largest cryptocurrency, and has been talked about in the cryptocurrency community for a long time because it was not just a momentary switch in the rankings.
Corey Johnson, chief marketing strategist at Ripple, tweeted an article in a popular news portal that hints that XRP price manipulation comes via XRP’s market volume and has been incorrectly calculated.
The conflict of ideas arises due to the fact that CoinMarketCap only considers the quoted bid and price to calculate the market size and not the one it holds in escrow.
Read:How Tron (TRX) became in the top 10 cryptocurrency list
Part of the crypto community considers CoinMarketCap to be right because to calculate market capitalization, CoinMarketCap uses price and bid trading and does not take into account the tokens/assets held in escrow or non-tradable.
The other half of the community claims that with this definition, the market cap for Bitcoin should be lowered as well because Craig Wright holds 1.1 million BTC in an account called a Tulip-Trust which will be released in 2020.
Yahoo Finance agrees with the latter half of the community, and looks at the outstanding XRPs as well.
According to the “CMC” website, the market cap in Ripple XRP at the time of writing this report reached $14.57 billion, and the market value of “Yahoo Money” was an estimated $36.17 billion, while the price of the Ripple currency remained at $0.3616.
Prominent members of the XRP community such as “Tiffany Hayden” and Dr. T They are against CMC’s release of XRP prices.
Twitter user LaHoyaJolla commented:
“1/2 keep saying this, but your methodology is wrong and should be changed to:
a) Better representation of all projects.
b) Adhere to standard methods for determining market value rather than randomly creating a methodology outside of the norm.
Read:45% of traders entered the crypto market for the first time in 2017
2/2 The BTC offer includes all BTC balances and non-refundable recipients’ balances.
How do you feel about constantly losing these ideological battles? I wish it was more exhausting than constantly fighting them.”
Furthermore, some community members even pointed out how the CMC website excluded data from the Korean exchange for market cap calculations on January 8, 2018 without any prior guidance.
The “CMC” site at some point partially agreed with the community and asked the Ripple official to submit a request to update the market cap.
David Schwartz, chief technology officer of Ripple, commented on this issue:
Read:More than $420 million worth of Ethereum is locked into DeFi platforms
“I don’t have strong feelings either way. It’s hard to know how to be fair in all these different cases. But it is strange that XRP manages to overcome so many ways of its transparency, that people assume the best imaginable about what they don’t know.”
David Corner, a Twitter user, commented:
“John Reeds: He (Corey Johnson) might disagree with you. In fact, maybe the SEC should look into CoinMarketCap’s market manipulation activities as there is clearly a bias in it, however no longer using a coin coupon because it doesn’t give you the real facts.”
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