As Bitcoin Sharply Rebounds, Ripple Is Tearing Itself Apart Over XRP
Story by: Billy Bambrough
Bitcoin has swung higher after a sudden sell-off last week, climbing back above the psychological $10,000 per bitcoin mark.
The bitcoin price added almost $1,000 in just a few hours yesterday, climbing some 6% over the 24-hour trading period, though many other major coins, including Ripple’s XRP, failed to make similar recoveries—with a civil war apparently brewing among the XRP community.
The bitcoin price has rebounded after loses last week, though other major cryptocurrencies, including Ripple’s XRP, failed to make similar gains.
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There did not appear to be any particular trigger for bitcoin’s sudden recovery, though there are a number of high-profile landmarks this month which will have likely improved sentiment, including the closely-watched Bakkt cryptocurrency platform going live.
The wider cryptocurrency market failed to rebound to the same extent as bitcoin, with ethereum adding some 4% over the trading period and XRP rising around 2%
Meanwhile, some in the XRP community have expressed anger about Ripple selling XRP to its clients to fund various investments.
Ripple revealed in July a quarter-to-quarter increase of XRP sales of around 48%.
“I’m thinking about forking XRP so we don’t have to deal with the founders dumping,” Twitter user and XRP investor CryptoBitlord, wrote last week. “This will be a community effort.”
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