In a February 18 post on X (formerly Twitter), David "Joel Katz" Schwartz, Ripple's chief technology officer, categorically denied allegations of price manipulation through the sale of XRP.
The incident appears to be related to ongoing concerns and controversy regarding #Ripple and its handling of #XRP, specifically its sale and impact on the token's price.
This has raised suspicions among some community members and investors, leading to scrutiny and accusations of price manipulation.
As a result, Ripple CTO David Schwartz was forced to respond to these accusations and defend the company's actions. He said.
I don't believe our XRP sales have affected the price. These accusations are perplexing. " What incentive could we have to manipulate? "
Mr. Schwartz also clarified that.
"Ripple discontinued programmatic sales of XRP in Q1 2023, as stated in the Q1 2023 XRP market report.
He emphasized that Ripple has consistently prevented such sales from affecting prices.
In response, X user @GenesisLedger stated.
"Schwartz misled the community by stating that Ripple has stopped selling the program even though its XRP holdings are down over 700 million in Q4 2023.
How did Schwartz respond to the allegations?
Schwartz denied the allegations and explained the terms "program sales" and "ODL-related sales. " He clarified that.
"Program sales include selling XRP on exchanges to increase liquidity.
The CTO further added that.
"ODL-related sales are part of Ripple's payment services and use XRP as an intermediate currency for global transactions.
Despite these allegations, the #token has risen above the $0.55 mark, attracting the attention of many in the global crypto community, and experts are hopeful about the future of XRP.
Isika is a political science graduate from Delhi University. She has been living with content all her life, from writing content as a hobby to her professional life.
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