Ripple’s CTO Denies XRP Price Manipulation Accusations
Accusations of XRP Manipulation: Ripple CTO Demands Explanation
Ripple’s CTO, David “JoelKatz” Schwartz, has vehemently denied allegations of XRP price manipulation. This discussion arose on February 18th on X (formerly Twitter) and is likely due to ongoing concerns and controversies surrounding Ripple and its handling of XRP.
Accusations and Defense
In particular, Ripple’s sales strategy and influence on the token’s price have raised suspicion among some community members and investors, leading to closer scrutiny and accusations of price manipulation. In response to these allegations, Schwartz felt compelled to take a stand and defend the company’s actions. I do not believe our XRP sales have affected the price. The accusation is confusing – what would be our motive for manipulation?” he asked.
Clarification of the Situation
Schwartz also made clear that Ripple had discontinued its XRP sales program in the first quarter of 2023, as outlined in the XRP market report for the first quarter of 2023. He emphasized that Ripple had always prevented any price influence from such sales.
However, this statement was challenged by X user @GenesisLedger, who claimed, “Schwartz has deceived the community by claiming to have stopped the programmed sales, even though Ripple’s XRP holdings dropped by over 700 million in the fourth quarter of 2023.”
Response to the Allegations
Schwartz refuted these allegations and explained the terms “programmed sales” and “sales related to ODL”. “Programmed sales involve the sale of XRP on exchanges to increase liquidity,” he explained. Furthermore, the CTO added, “ODL sales are part of Ripple’s payment services, which use XRP as a bridge currency for global transactions.”
Despite these allegations, the token’s rise above the $0.55 mark has attracted the attention of many in the global crypto community, and experts are hopeful about the future of XRP.
