$XRP is a popular Proof-of-Stake (PoS) token primarily known for its high demand in cross-border payment services
David Schwartz, CTO of blockchain firm Ripple, has addressed allegations that XRP’s price is being manipulated by the company.
In response to a seven-year-old tweet thread by crypto community member Marcelo Wolfarth urging Schwartz to “stop suppressing the price of XRP,” the Ripple CTO stated that he is an XRP holder himself and that it doesn’t make sense for him to artificially lower the token’s price.
“I am an XRP holder myself. It doesn’t make sense for me to artificially lower the price of XRP. If I could raise the price of XRP, I would,” Schwartz replied.
He went on to add that Ripple’s activities have little impact on XRP’s token price, noting that XRP often trades similarly to XLM, the native token of the Stellar network created by Ripple co-founder Jed McCaleb.
“Stellar is run by former XRP people and has almost no connection to Ripple. Yet XRP and XLM trade similarly,” Schwartz noted.
Schwartz also revisited his 2019 post titled “XRP Can’t Be Dirt Cheap,” in which he addressed the community’s concerns about XRP’s low price at the time.
“People keep asking why XRP is so cheap. They expected XRP to be $100 by now, or at least $10. They are disappointed and frustrated. They feel cheated,” Schwartz wrote in 2019.
In the post, Schwartz explained his belief that XRP’s price is determined by the market and that Ripple has no control over it. He also highlighted XRP’s strong legal standing, which he said is “one of the best among major crypto tokens.”
“The court ruled that XRP was never an unregistered security token. In connection with other charges in the XRP lawsuit, Ripple faced a net fine of $125 million,” the report noted.
According to CoinGecko, XRP is currently trading at $0.59, showing a 24% price increase over the last three months.
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