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The CoinMarketCap controversy raises the XRP community's manipulation of the market
The cryptographic market it's simply full of people fighting each other all the time. This is expected when dealing with money, however, since any action by anyone can lead you to lose many. For this reason, requests for market manipulation are so common these days.
Now, CoinMarketCap (CMC) is not considering all XRP tokens kept in escrow as part of market capitalization and some XRP supporters are crazy about this decision as they believe CMC simply is not correct by making this decision and not including this XRP on market capitalization.
XRP is set to overcome Ethereum
While some may find that this discussion does not make sense as a person might think that there is not so much XRP affected so much, XRP is now behind Ethereum (ETH) and is going up, so money could make a big difference if you want the XRP to become the second crypt with a hard hood.
It is important to know that these things are important in the market. Your rankings may affect your price which may cause you to lose or get money. Cory Johnson, Ripple's strategic Chief Marketing, took the opportunity to state that CMC did not correctly calculate the XRP capitalization and turned out to be a very popular statement.
The dispute
About half of the community is in agreement with the way CMC defines the price and market capitalization of XRP, while the other half of the community states that this is not simply a good idea. According to them, BTC would also have its market capitalization greatly reduced in this case because Craig Wright, for example, holds 1.1 million BTC in a guarantee service called Tulip-Trust and will be released only in 2020. However, this money is considered in the market capitalization.
While the XRP market is worth $ 14.57 billion today without considering the money on deposit, it would, according to Yahoo Finance, be worth $ 36.17 billion if money were counted.
Some people in the XRP community like Tiffany Haydan and Dr. T have stated that CMC is also wrong, because their methodology is "wrong" because it is arbitrary and should better represent all projects and be more standardized instead of creating "arbitrary" rules " .
The main complaint is that BTC's supply also includes some irrecoverable money and the balance of large shareholders. An "ideological battle" has been defined that CMC is constantly losing. They also complain that CMC has excluded data from some Korean stock exchanges.
CMC explained that they stopped to take these exchanges into accounts because their prices were very far from the chart and represented a "limited arbitrage opportunity" that did not represent the market.
The company even called Ripple to request that XRP be counted in another way, but Ripple did not care much. David Schwartz, the CTO of Ripple, does not have "strong feelings in both cases". He, unlike supporters, seems to want to remain neutral in the matter, has just stated that the XRP is "penalized for its transparency".
Some people, as always, have called this a market manipulation and have claimed that the Securities and Exchange Commission (SEC) should be called because CMC has a bias against some tokens.
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