Within its announcement, Ripple cites recent reports associated about ‘fake‘ crypto trading volumes, like the one recently released by U.S.-based asset managing firm ‘Bitwise’, that claims that about 95% of total Bitcoin [BTC] trading volume is fake. However, a later report published by Bitwise conjointly ‘claimed‘ that the fake trading volumes by cryptocurrency exchanges don’t ‘impact‘ the price of Bitcoin.
The firm guarantees to take steps to deal with these issues by collaborating with partners within the house, evaluating its approach to XRP data reporting and “taking an additional conservative approach to XRP sales this quarter.” Ripple added that, as a consequence, XRP’s sales within the Q2 of 2019 are significantly less as compared to Q1 of this year.
The target of around 20 ‘basis‘ points also likely be cut to under 10, less than half of what it had been before. Earlier on 16th May, this year, Coin Metrics published a report dealing discrepancies in Ripple’ escrow reporting system, describing inconsistencies that allegedly needed some explanation.
In line with accuracy within the reporting data, cryptocurrency market capitalization analysing source ‘CMC’ [CoinMarketCap] proclaimed a new alliance known as the Data Accountability & Transparency Alliance at the starting of May. CMC conjointly ‘outlined‘ at the time that it can remover the exchanges from its calculations if they don’t provide mandatory data by June.
As ‘reported‘ earlier, an another report published earlier in the month of Jan claimed that the market cap of distributed ledger tech firm Ripple’ XRP token might be overvalued by near to around $6 Bln.