Ripple CTO Takes Rigid Stand Amid Heated Debate Around XRP Dump
Highlights
- Ripple CTO stood firm against allegations of XRP dump by the company.
- He emphasized that the company maintained utmost transparency on XRP sales.
- Ripple also garnered support from prominent members of the XRP community.
Ripple’s Chief Technology Officer (CTO) David Schwartz recently took a firm stance amid a heated debate surrounding the alleged dumping of XRP by Ripple. He refuted accusations of keeping XRP sales data hidden and emphasized transparency and the company’s commitment to responsible sales practices.
Ripple CTO’s Firm Stand Against XRP Dump Allegations
In a statement addressing concerns raised by various stakeholders, Schwartz expressed disappointment in misinterpretation of XRP sales by Ripple. He stated, “I don’t really understand why people think it matters so much exactly how we sell XRP.”
I understand caring how much we sell, but honestly I don't really understand why people think it matters so much exactly how we sell XRP. Yes, we choose when to sell. Yes, we choose how much to sell. And everyone can see how much XRP comes out of escrow and how much goes back in.
— David "JoelKatz" Schwartz (@JoelKatz) February 19, 2024
He emphasized the transparency surrounding Ripple’s sales decisions. Answering most of the queries asked by the XRP community, the Ripple CTO replied to a post on X and noted, “Yes, we choose how much to sell. And everyone can see how much XRP comes out of escrow and how much goes back in.”
Earlier, Schwartz clarified Ripple’s actions, by highlighting that the company had ceased programmatic XRP sales in the first quarter of FY24. However, an XRP supporter accused Ripple and its CTO of “misleading” people with the wrong information as they ‘failed’ to notify that they conduct XRP On-Demand Liquidity (ODL) sales.
"Failing to mention that they started to sell that amount trough ODL transactions."
Really? pic.twitter.com/P6XOKpjDe9
— David "JoelKatz" Schwartz (@JoelKatz) February 18, 2024
The Ripple CTO strongly refuted the above-mentioned claims. Responding to the user who slashed allegations on Ripple, Schwartz shared a snapshot of the company’s statement wherein they made it clear that they have stopped programmatic sales of XRP but ODL sales are still in function.
Also Read: Ripple’s Former Exec Takes Helm as CEO for Expansion Amid Crypto Paradigm Shift
Bill Morgan & Zach Rector Extend Support
Amidst the debate, Bill Morgan, a lawyer who follows Ripple updates closely, weighed in on the matter and distinguished between “dumping” and “selling.” He stated, “Dump however in the context it is being used… means selling to an extent that suppresses XRP price.” Furthermore, Morgan emphasized the need to differentiate between sales strategies and their effects on market dynamics, urging the XRP community to base their arguments on evidence rather than speculation.
You state “dump/sell”. Nice rhetorical trick conflating the two. Dump however in the context it is being used in the current discourse in the #XRPcommunity means selling to an extent that suppresses XRP price or causes it to fall, meaning it is a significant driver of XRP price… https://t.co/tyLBGXle0N
— bill morgan (@Belisarius2020) February 19, 2024
In addition, he highlighted that HBAR’s circulating supply increased from 15 billion to 33 billion and its price is still higher than two years ago due to absorption of supply by smart money. Connecting it to the XRP scenario, he wrote, “People in the #XRPcommunity carrying on about Ripple dumping should listen to this and draw some lessons.”
Journalist Zach Rector, who frequently covers updates on XRP, noted that Ripple isn’t dumping XRP. Rector made a bold statement in a recent YouTube video and blamed the retail investors for XRP’s doom. He stated, “The irony of this whole situation is we come to find out it’s actually the retail investors who have been dumping XRP. Not Ripple.”
Also Read: Whale Dumps 25 Mln XRP Ahead Of Key Ripple Vs SEC Date, Price Below $0.55?
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