Ripple CTO David Schwartz talked about burning XRP supply to boost prices.
Schwartz also said that he would not engage in burning or gifting XRP to initiate price surges.
Ripple has decided to reduce its XRP holdings.
Ripple’s CTO, David Schwartz, addressed critics who believe the company suppresses the price of XRP, the seventh-largest cryptocurrency by market cap, by flooding the market with tokens.
Schwartz took to X (formerly Twitter) to explain that burning XRP tokens or giving them away wouldn’t magically boost the price. He stated that the burning of Stellar (XLM), the thirtieth-largest cryptocurrency by valuation, had no impact on the price of the altcoin.
I've talked before about why those options don't really accomplish anything different from what selling accomplishes. For example, here's one place I discussed burning:https://t.co/4pmCoAEytb
And here's one place I discussed gifts:https://t.co/6gQLMVaE86
— David "JoelKatz" Schwartz (@JoelKatz) August 29, 2024
He further highlighted an X post from earlier this year where he explained why gifting XRP to the crypto community is not the right way to go as well, confirming that the strategy worked …
The post Ripple CTO: Selling XRP; Not Burning, Fuels Growth appeared first on Coin Edition.
