While XRP has been one of the more institutionally viable cryptocurrencies and digital assets, thee have been a number of sources, over the last few months that have thrown its projected level of sales and volume into serious scrutiny in just the past few months of 2019.
The industry can and must do better when it comes to reporting data. While we don’t have all of the answers, here are some steps we are taking: https://t.co/nGUIkFXKhC pic.twitter.com/tYXSshZMew
— Ripple (@Ripple) June 3, 2019
This is according to a recent report from the United States Securities and Exchange Commission, specifically its report from Bitwise, which happens to be the most frequently cited.
But since this report came into circulation, there have been plenty of others that have since been used to corroborate this shrinking feeling that people have. These include reports from the Blockchain Transparancy Institute as well as the Data Accountability and Transparancy Alliance (DATA), which have since suggested an inordinate amount of exaggeration when it comes to the forecasted numbers and general level of inaccurate reporting when it comes to the data. This gets to be as distorted as by 95 percent, according to the report from Bitwise.
This is something that simply cannot be accepted from the cryptocurrency world, and across the whole industry, there need to be vigorous changes to this kind of shoddy reporting.
Unfortunately, there is no honestly true and precise solution to this chronic issue, and there have been continued streps within the world of Ripple in order to redress these issues, while questions continue to circulate about what the underlying reliability of this kind of market structure, including reporting across digital asset exchanges internationally speaking:
- The team is taking deliberate and pro-active measures in order to collaborate with trusted partners within the space in order to more thoroughly understand the overall scope and scale of the problem.
- Along with the aforementioned approach, there is a continued evaluation of the teams approach towards the way in which XRP volume is reported across coin exchanges. This includes the periodic reviewing of new options and requirements for the sourcing of market data as it relates to XRP.
- The team is also taking a much more conservative approach as it relates to the level of sales within the world of XRP over the beginning quarters of 2019. This is in contrast with research which demonstrated.
Over a shorter-term forecast, what this would mean that Ripple sales of its XRP over the second quarter of 2019 will be significantly lower than in the prior quarter (in terms of a percentage of its overall reported volume). According to a report by CoinMarketCap, this rate of sales will likely fall to a level of less than 10bps in stark contrast to the previously stated target of 20bps forecasted in the first quarter.
In the longer term, in driving towards a better and higher demand about expected standards for the kind of reporting and underlying structure, it is hoped that this will significantly raise the bar across the whole industry for better and reliable reporting.
Ripple has proven itself to be a pretty proactive company when it comes to the need for greater reliability in reporting and improved transparency. It is the hope, according to the team, that others within the crypto ecosystem will be able to look to Ripple’s emergent push for transparency, that other cryptocurrencies will decide to follow the company’s lead and, in doing so, this will fuel a far greater level of trust within the market as a whole.
- Source: First Appeared Here
- Published Time: 2019-06-04 15:09:51
The views and opinions expressed in the article Ripple Company Insights Reports on the Sales and Volume In the World of XRP do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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