Ramping can go either direction.
On balance, there has been more upward ramping on GSW than downward ramping, hence the reason why the SP has risen from 20 cents since prospectus in 2016 to $4 plus (recently).
When its SP was low, it attracted mainly the punters and thus less scrutiny.
But as its SP kept rising, it attracted more investors, serious money and more scrutiny of its business model.
If it (business model) stacks up, its SP will keep rising after a few normal corrections as early punters take profits.
The problem you have is that ASX - the regulator, did not buy the story and the explanations from the company.
That has resulted in a serious credibility gap and added to more negative sentiments on the company.
Since then, everything the company has done (major contract announcements) is being put under the miscroscope.
Who is to be blamed for that?
Well, it wasn't the downrampers - they didn't draft the reply to ASX questions.
Management of the company were the ones who replied to ASX questions.
They are the ones who put the company in this position and that is where your focus should be.
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