Coin Edition -
- Ripple’s CTO, David Schwartz, denies price manipulation accusations surrounding XRP sales on Twitter.
- Concerns over Ripple’s XRP handling triggered accusations, prompting Schwartz to defend the company.
- Schwartz clarifies the cessation of programmatic XRP sales, distinguished from sales used in Ripple’s payment services.
Ripple’s Chief Technology Officer (CTO), David Schwartz, took to X on February 18, to address accusations of price manipulation concerning XRP sales. Amid the increasing concerns over Ripple’s handling of XRP and its impact on the token’s value, Schwartz denied the allegations.
I understand caring how much we sell, but honestly I don't really understand why people think it matters so much exactly how we sell XRP. Yes, we choose when to sell. Yes, we choose how much to sell. And everyone can see how much XRP comes out of escrow and how much goes back in.— David "JoelKatz" Schwartz (@JoelKatz) February 19, 2024
The skepticism and controversies surrounding Ripple’s operations have led to suspicions among some community members and investors, triggering accusations of market manipulation. Schwartz, feeling compelled to defend the company’s integrity stated,
I don’t think our XRP sales affected the price. The accusation is puzzling – what would be our motive for manipulation?
To clarify Ripple’s actions, Schwartz highlighted the cessation of programmatic XRP sales in Q1 2023, as documented in their Q1 2023 XRP Markets Report. He emphasized Ripple’s consistent efforts to mitigate any potential price impact resulting from such sales.
However, allegations persisted with X user @GenesisLedger alleging that Schwartz had misled the community by claiming to halt programmatic sales, despite a significant decrease in Ripple’s XRP holdings in Q4 2023.
Schwartz countered these claims by explaining the difference between “programmatic sales” and “sales in connection with ODL.” He clarified that programmatic sales involved selling XRP on exchanges to enhance liquidity. In contrast, ODL sales constituted part of Ripple’s payment services, utilizing XRP as a bridge currency for global transactions.
A significant whale recently offloaded 28 million XRP to a cryptocurrency exchange based in Luxembourg City, resulting in a decline in XRP’s value to 0.53. The transaction was conducted by an unidentified wallet address, r4wf7enWPx…5XgwHh4Rzn, causing notable market movement. However, despite the massive offloading and the allegations of price manipulation on X platform, XRP holds its ground at $0.55 XRP.
The post Ripple’s CTO Denies Price Manipulation Allegations on X Platform appeared first on Coin Edition.