As a seasoned researcher with extensive experience in the cryptocurrency market, I find David Schwartz’s recent statements on XRP price manipulation intriguing. His admission of being an XRP holder and his apparent desire to see its price increase suggests a level of personal investment that is not typically associated with C-level executives of major companies.
David Schwartz, the Chief Technology Officer at Ripple located in San Francisco, has spoken out about allegations of price manipulation regarding XRP, on his personal social media platform.
Marcelo Wolfarth, a member of the cryptocurrency community, recently asked Schwartz to “stop suppressing the price of XRP.”
The Ripple CTO clarified that he himself is an XRP holder. Since he has skin in the game, it makes little sense for him to artificially suppress the price of the controversial token.
Indeed, if Schwartz had the ability to elevate the cost of the Ripple-linked cryptocurrency, he undoubtedly would take that opportunity.
As a holder of XRP, if I had any means to elevate its value, I can confirm that I wouldn’t hesitate to take action, as expressed by the Ripple executive in his recent social media message.
Schwartz argues that fluctuations in Ripple’s activity don’t significantly affect the value of its token. To back this up, Schwartz highlighted the fact that XRP often follows the same trend as XLM, the coin from the Stellar network co-founded by Ripple’s own Jed McCaleb.
According to a report from U.Today, Schwartz has confessed that he is unaware of the particular elements driving the fluctuations in the price of XRP.
This year, the creator of the XRP Ledger clarified that Ripple is the primary seller of XRP cryptocurrency due to being the largest owner of the token. Essentially, for Ripple to retain ownership, it must hold onto its XRP indefinitely.
As per information from CoinGecko, the current price of the XRP token stands at approximately 0.595 US dollars. With a total value of around 33 billion dollars, it ranks as the seventh largest cryptocurrency in terms of market capitalization.
Regardless of Ripple’s successive victories against the SEC, the value of XRP has shown a relatively disappointing trend in terms of its market performance.
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2024-09-22 11:57