Cryptocurrency exchange, Ripple, has recently been distressed by several issues directed at it by suspecting digital currency investors.
Hence, on its official report for the third quarter of 2019, the cryptocurrency entity highlighted its response to the Fear, Uncertainty, and Doubt or FUD concerns enshrouding it and its virtual currency, the XRP.
Ripple cited in its quarterly review that an FUD is a natural occurrence that takes place when any breakthrough technology rises to the occasion.
As a stakeholder, it stressed that it is focused on the long-term success of its operations and its digital currency.
Hence, the cryptocurrency behemoth dispelled two of the current FUD issues that have left it and the XRP as embattled entities lately.
One of the information that concerned Ripple was the allegation that it extracts one billion XRP from its cryptographic escrow every month.
The cryptocurrency exchange responded to this allegation by reiterating that all talks about massive XRP movements were actually revolving around transfers between the escrow and the treasury of Ripple.
In the report, Ripple also addressed another FUD matter, which accuses it of manipulating the price of the XRP.
The digital asset developer denied that it dumps its virtual token on the market. Furthermore, it dismissed the claim that it keeps the digital token’s price low as entirely false.
Ripple defended that it has no capability of technically manipulating the XRP quotes since the cryptocurrency is an entirely independent virtual asset.
To further put an end to the FUD controversies troubling it, Ripple stated that, during the third quarter of this year, robot or bot activities are the ones that have been responsible for spreading erroneous information about XRP.
This event has reportedly been much higher than in the past, the cryptocurrency exchange said. Ripple supported its statement with a study that Indiana University recently published.
The research assumed that, during the third quarter of 2019, Twitter bots have been culpable for 50 percent of FUD about XRP, 71 percent about ETH, and 49 percent about BTC.
The quarterly report of Ripple also consisted of the achievements and milestones it accomplished during the entire period.
The company used it as the medium to convince its supporters that it is on top of the FUD matters and that it is now focused on moving forward.
Over the third quarter, a wave of FUD claims arose in the cryptocurrency community, directed against Ripple and XRP.
Plenty of unverified details regarding the cryptocurrency behemoth and the digital coin it operates spread.
Ripple dismissed these pieces of information it thought to be malicious as all lies, and it reminded its audiences not to believe them.
