Ripple CTO Explains What Drives The XRP Price

Amidst swirling discussions and concerns within the cryptocurrency community regarding the price performance of XRP, Ripple’s Chief Technology Officer, David Schwartz, has taken to X (formerly Twitter) to address and clarify the company’s position and actions related to XRP sales.

This conversation comes at a time when allegations of price manipulation have been levied against Ripple, particularly focusing on how the company’s handling of XRP could potentially affect its market value.

Ripple CTO Clarifies Impact Of XRP Sales

Schwartz’s initial response to the community’s apprehensions emphasized Ripple’s commitment to transparency and a strategic approach to selling XRP. He directly addressed the community’s concerns, stating:

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.

This statement was aimed at reassuring the community that Ripple’s actions regarding XRP sales are both deliberate and transparent, especially in light of the discontinuation of programmatic sales highlighted in Ripple’s Q1 2023 XRP markets report.

The conversation took a deeper turn when @Darkhorse raised the notion of “Letting XRP Breath” by proposing a temporary halt on sales to potentially aid in price discovery. Schwartz’s retort was pointed, questioning the underlying logic of such a pause, “Are you asking us if we’ve considered manipulating the price?”

This exchange underscores the delicate balance Ripple seeks to maintain between influencing the market and fostering an environment where XRP’s price is determined by market dynamics.

Further, Schwartz elaborated on the complexity of the issue, indicating that halting sales could itself be construed as a form of manipulation, challenging the community’s perception and expectations, “That’s what I don’t understand! Either

Go to Source to See Full Article
Author: Jake Simmons

Did you like this?
Tip BTC Newswire with Cryptocurrency