Brad Garlinghouse, the CEO of the leading blockchain payment platform, Ripple says that they can’t control the price of XRP. In fact, they added that whales largely control the price of Bitcoin, the crowning cryptocurrency.
Speaking to Julia Chatterley of CNN, Brad Garlinghouse asserted that the parent firm, Ripple is the most interested party in the success of the XRP ecosystem. Although Ripple owns a lot of XRP, the lead officials of Ripple caught explaining their absence in the volatility of the XRP price. On the other side, the token value is barely moving up. However, at the time of reporting this, XRP trades at $0.218 against USD which is currently gaining a value of 10.2% within the past 24Hrs. More so, the market capitalization of XRP counts at $9,465,000,000.
While discussing, Garlinghouse details Ripple’s ownership in XRP and said;
“Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that […]. We would never do that and in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”
It has been seen that the firm releases a large number of XRP from its escrow wallet to Ripple’s wallet. In fact, in early 2020, the firm released 1 billion XRP from its escrow wallet which is a part of the company’s planned action. When Ripple’s effort of selling XRP remained in a large quantity criticized by the XRP community, the firm itself has slowed down selling the XRP. Meantime, few community members were accusing Ripple as the biggest reason behind XRP’s price crash.
Nevertheless, Garlinghouse in recent interviews strongly argued that the company has nothing to do with the price, in fact, he added that Ripple cannot influence the XRP price. Also, he compares the volatility of XRP with that of Bitcoin and said;
“Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin.”
He further talked about the dumping XRP price and noted;
“There are times when we work with institutional investors or might say, ‘Hey, we want to buy $10 million of XRP,’ and we would have lock-ups to prevent them from dumping on the market,” adding that such interventions were ‘hypothetical’.
More so, Ripple has been largely criticized for being a centralized company that controls the value of XRP, the decentralized cryptocurrency. However, Garlinghouse on a similar note added that;
“We don’t want some other party buying a whole lot of XRP and dumping it on the market, and so we would hypothetically have restrictions about what they could sell and how often, and usually those are based on volume in the market.”
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