Amidst a contentious debate over the purported dumping of XRP by Ripple, Chief Technology Officer David Schwartz has firmly asserted the company’s position. He dismissed allegations of concealing XRP sales data and underscored a commitment to transparency and responsible sales practices.
To concerns expressed by many stakeholders, Schwartz expressed his dissatisfaction with Ripple’s misreading of XRP sales. “I don’t understand why the exact way that we execute XRP sales is so important.
He underscored the transparency regarding Ripple’s sales decisions. Responding to numerous inquiries from the XRP community, the Chief Technology Officer of Ripple addressed a post on X and affirmed, ‘Indeed, we determine the amount to sell. Anyone can observe the quantity of XRP released from escrow and the amount returned in.’
Schwartz recently provided clarification on Ripple’s activities, emphasizing that the company had discontinued programmatic XRP sales in the initial quarter of FY24. Nevertheless, a critic of XRP accused both Ripple and its CTO of providing misleading information by not disclosing their ongoing XRP On-Demand Liquidity (ODL) sales.
Ripple CTO Defends Against Accusations
The CTO of Ripple vehemently denied the claims mentioned earlier. In response to a user who accused Ripple, Schwartz provided a screenshot of the company’s statement, clarifying that they have ceased programmatic sales of XRP, but sales through On-Demand Liquidity (ODL) are still operational.
In the midst of the ongoing discussion, Bill Morgan, an attorney with a keen interest in Ripple developments, expressed his perspective on the issue and drew a distinction between “dumping” and “selling.” He clarified, “In the context it is being employed, ‘dump’ refers to selling to a degree that negatively impacts the XRP price.
Additionally, Morgan underscored the importance of distinguishing between sales strategies and their impact on market dynamics. Morgan urged the XRP community to support their arguments with concrete evidence rather than relying on speculation.
Related Reading | https://btcpolitan.com/congressman-hill-tackles-cryptocurrency-risks-in-recent-report/
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
Comments (No)