Ripple Denies XRP Price Manipulation Amid Controversy, Halts Sales
Accusations Against Ripple: CTO Demands Explanation for Alleged XRP Manipulation
Ripple, the company behind the cryptocurrency XRP, is under fire. Accusations of price manipulation are circulating and have caused a stir in the crypto community. David Schwartz, the CTO of Ripple, has now publicly refuted these allegations.
Controversy Surrounding Ripple and XRP
The controversy was sparked by Ripple’s handling of XRP, particularly in terms of its sale and influence on the price of the token. Some members of the community and investors suspect that price manipulations could be taking place. David Schwartz has now refuted these allegations in a public statement. He asked: “I do not believe that our XRP sales have influenced the price. The accusation is confusing – what would be our motive for manipulation?”
Ripple Refutes Accusations
Schwartz made it clear that Ripple discontinued its program for XRP sales already in the first quarter of 2023, as outlined in the XRP market report for Q1 2023. He emphasized that Ripple has always prevented such sales from impacting the price.
Explanation of Terms
In response to a user’s accusation that, despite the alleged discontinuation of sales, Ripple’s XRP holdings decreased by over 700 million in the fourth quarter of 2023, Schwartz provided an explanation of the terms “programmatic sales” and “sales related to ODL”. He explained that programmatic sales involve the sale of XRP on exchanges to increase liquidity. ODL sales, on the other hand, are part of Ripple’s payment services, where XRP is used as a bridge currency for global transactions.
Future of XRP
Despite the allegations, the recent rise in the XRP price to over $0.55 has drawn the attention of many in the global crypto community. Experts are optimistic about the future of XRP.
Sources: AMBCrypto, Ishika Kumari, Saman Waris
You should read that too:
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
|
| Cons |
|
Advertising transparency