Ripple CTO asks for ‘motive of XRP manipulation’ amidst allegations

Journalist

Posted: February 19, 2024

Ripple’s Chief Technology Officer (CTO) David “JoelKatz” Schwartz, in an exchange on X (formerly Twitter) on the 18th of February, categorically denied allegations of price manipulation through XRP’s sales.

The incident likely arose due to ongoing concerns and controversies surrounding Ripple and its handling of XRP, particularly regarding its sales and influence on the token’s price.

This has fueled suspicions among some community members and investors, leading to scrutiny and accusations of price manipulation.

As a result, Ripple’s CTO, David Schwartz, felt compelled to address these allegations and defend the company’s actions. He remarked, 

“I don’t think our XRP sales affected the price. The accusation is puzzling – what would be our motive for manipulation?”

Clearing the air

Schwartz also clarified,

“Ripple had stopped its programmatic XRP sales in Q1 2023, as outlined in their Q1 2023 XRP Markets Report.”

He emphasized that Ripple has consistently prevented any price impact of such sales.

This was contradicted by X user @GenesisLedger, who alleged,

“Schwartz has misled the community by claiming to stop programmatic sales, despite a decrease of over 700 million in Ripple’s XRP holdings in Q4, 2023.”

How did Schwartz respond to these accusations?

Schwartz dismissed these allegations by explaining the terms “programmatic sales” and “sales in connection with ODL.” He explained,

“Programmatic sales involve selling XRP on exchanges to boost liquidity.”

The CTO further added,

“ODL sales are part of Ripple’s payment services, which utilizes XRP as a bridge currency for global transactions.”

Despite these allegations, the token’s surge above the $0.55 mark has caught the attention of many in the global crypto community, with experts feeling hopeful about XRP’s future.