Followers and many in the cryptocurrency community f
ault the large display of XRP and this has always been a matter of debate and criticism.
It is known that the greater the supply, the less the value, and vice versa, because bitcoin, due to its limited and small supply estimated at 21 million Bitcoin and the high demand for it, made the unit value of it reach the threshold of $ 20,000, of course it is not the supply alone who contributed to the value of the currency, but many other essentials.
Ripple has nearly 100 billion total supply, of which 48 billion XRP are stored and 45 billion XRP traded.
Ripple sold over $ 32 million of XRP in the second quarter of 2020, while its business posted a dismal quarter.
According to data on Ripple's website, Ripple still has 6 billion XRP (strategically and progressively sold to the market).
It can be said that this has caused a violent reaction from the community that follows the currency, invested in it and bear it.
Ripple investors have often revolted against the company and its behavior by offering and pumping large quantities of ripple into the market.
Of course, these criticisms are not new.
Popular reports state that the company's monthly sales of XRP have exceeded 196 million XRP since December 2017, when XRP reached an all-time high of $ 3.50.
This means that more than 5.5 billion XRP has been sold to date, which equates to $ 3.45 billion to date.
But this year, Ripple has made some token buybacks to support ever declining XRP prices.
The company bought just over $ 45.5 million of XRP in the third quarter of 2020, bolstering the currency's price that reached between $ 0.10 and $ 0.15.
But there may be better news to come for XRP holders.
According to Ripple's technical director, David Schwartz, the company could burn the $ 48 billion in collateral if the Ripple community voted for such a scenario.
Ripple can burn its XRP:
In a tweet, Schwartz stated that the XRP community could indeed vote in favor of burning Ripple's entire stock of collateral coins.
Insisting that the Ripple blockchain is highly democratic about such decisions.
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