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Chris Larsen, the co-founder of Ripple, is a man of few words. The last time he tweeted was on Oct 17 when he was proud to support Thorn, a non-profit building tech headed by Julie Cordua. 35 days later, he is now defending Ripple Works and by extension XRP, against what supporters say is unnecessary FUD perpetuated by Messari.

Chris Larsen: We Support Social Ventures

Chris is now clearing the air. Taking to Twitter, he says Ripple Works, a non-operation foundation, has, contrary to Messari claims, disbursed more than $25 million to different social ventures, helping alleviate poverty in countries such as Nigeria, Senegal and Myanmar.

He further explains that Messari refers to wrong data and that after the rally of late 2017, Ripple Works was re-classified as a non-operation foundation under US laws. As a 501(c)(3) Foundation, Ripple Works doesn’t offer material support but consultancy through experts affiliated with the organization.

Because of this, the cost of consultancy services would basically fall under the charity’s administrative costs. And it reflects.

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Messari: Ripple Works is a Corporate and Executive Tax Shelter

On November 20, the founder of Messari, Ryan Selkis, published a bombshell report accusing Ripple Inc, a for profit company, of using Ripple Works, a charity foundation, as a shield against tax agencies and misappropriating funds to the tune of millions for Ripple insiders.

Ryan says that although Ripple Works claims to be a charity, it is failing to remit stipulated grants to charities which is bad for prices since the Ripple Treasury and insiders have a leeway to liquidate, depressing XRP prices.

He cites readings from the 2018 financial year which showed that out of the $1.2 billion under Ripple’s management, no monies were granted from the charity foundation associated with Chris Larsen and Ripple as the foundation incurred non-tax expenses totaling $2 million out of the $300 million revenue.

Circulating XRP isn’t Representative of True Market Cap

This disparity was enough reason, according to Selkis, to justify that there was a high probability that Ripple Works was a vehicle, sheltering Ripple from corporate and executive tax. Ryan is also convinced that the 2.2 billion XRP coins claimed to be in circulation but is obfuscated and locked in long-term selling agreements.

Earlier, Messari had accused Ripple of overstating their market capitalization by 48%, a claim that riled the XRP Army.

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Ripple: Co-Founder Responds to Misappropriation Accusations

Article Name

Ripple: Co-Founder Responds to Misappropriation Accusations

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Chris Larsen, the co-founder of Ripple, is defending Ripple Works and XRP, against what supporters say is unnecessary FUD perpetuated by Messari.

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Dalmas Ngetich

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CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Dalmas Ngetich , 2019-11-23 08:21:04 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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