Bitcoin has swung higher after a sudden sell-off last week, climbing back above the psychological $10,000 per bitcoin mark.
The bitcoin price added almost $1,000 in just a few hours yesterday, climbing some 6% over the 24-hour trading period, though many other major coins, including Ripple's XRP, failed to make similar recoveries—with a civil war apparently brewing among the XRP community.
The bitcoin price has rebounded after loses last week, though other major cryptocurrencies, ... [+]
There did not appear to be any particular trigger for bitcoin's sudden recovery, though there are a number of high-profile landmarks this month which will have likely improved sentiment, including the closely-watched Bakkt cryptocurrency platform going live.
The wider cryptocurrency market failed to rebound to the same extent as bitcoin, with ethereum adding some 4% over the trading period and XRP rising around 2%
Meanwhile, some in the XRP community have expressed anger about Ripple selling XRP to its clients to fund various investments.
Ripple revealed in July a quarter-to-quarter increase of XRP sales of around 48%.
"I'm thinking about forking XRP so we don’t have to deal with the founders dumping," Twitter user and XRP investor CryptoBitlord, wrote last week. "This will be a community effort."
"[Ripple chief executive] Brad Garlinghouse, [and Ripple chief technology officer] Joel Katz, you now have 60 days to stop dumping XRP or we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it."
The XRP price has slumped some 25% so far this year, while bitcoin has risen around 200%, with bitcoin's dominance, a measure of its weighting compared the rest of the cryptocurrency market, now at 70% according to CoinMarketCap data—its highest in 18 months.
Garlinghouse defended Ripple's sale of the tokens, saying: "Reality is we decreased our sales by volume quarter on quarter and since then the inflation rate of XRP circulating supply has been lower than that of bitcoin and ether."
The bitcoin price rebounded after a sudden sell-off last week.
A change.org petition calling on Ripple to stop "dumping" XRP has secured almost 3,000 signatures since it was created last month.
"Ripple continue dumping billions of XRP on us, crashing the price," the petition reads.
"Its amazing this sort of behavior is widely accepted in the crypto world. Sure we know that XRP is a solid coin with major potential but this needs to stop!"
