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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

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Home Altcoins

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

February 19, 2024
in Altcoins
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Cardano’s Charles Hoskinson cautions against ‘legacy-eating’ cryptos
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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. 

Next: LBank Labs joins Blockchange Capital in its first DePin Investment – Hivello

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Tags: AllegationsAsksCTOManipulationmotiveRippleXRP

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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California DMV digitizes 42m car titles on blockchain

California DMV digitizes 42m car titles on blockchain

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Denmark to ban Bitcoin wallets? Here’s all you need to know!

Denmark to ban Bitcoin wallets? Here’s all you need to know!

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The $70,000 question: Why BlackRock merged Bitcoin with Wall Street

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The Sandbox Marketplace is now live on the Polygon

The Sandbox Marketplace is now live on the Polygon

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