Ripple’s Chief Technology Officer (CTO), David Schwartz, has addressed concerns regarding potential manipulation of XRP prices through Ripple’s XRP sales, prompted by a user on the X platform.
Schwartz emphasized Ripple’s commitment to transparency, citing the company’s management of escrow accounts as evidence.
This week, the discussions on social media have concentrated on XRP’s price falling, and people in the XRP community said that XRP fell because of Ripple. Others claim that they dump XRP anywhere.
As an answer to these claims, Schwartz noted that Ripple had stopped its programmatic XRP sales and that the Q1 2023 XRP Markets reports were published. Ripple, as shown in the report, has only made XRP sales that are directly related to ODL.
In reply to Schwartz’s statement, the user on the X platform asked whether the admission implied that the capital was artificially squeezed out from the market in the past.
Schwartz Questions Ripple’s Influence on XRP Prices
Schwartz, however, repudiated this, insisting that Ripple had always been inclined toward mitigating the effect of sales on XRP prices and was also skeptical about the link between programmatic sales and market dynamics. He also raised the question of whether the claimed control by Ripple is legitimate.
Though Schwartz explained his points, some X users did not believe Ripple CTO wrote the sales practices of Ripple and a new piece for response. Ripple has been asked about its sales and the XRP deployment strategies in the XRP ecosystem, and Schwartz said that price movements are mainly driven by factors external to the XRP ecosystem.
According to the data from CoinMarketCap, XRP surged by 0.54% in the last 24 hours, which is relatively slight, and it is now trading at $0.56.
