David Schwartz addressed allegations of $XRP cryptocurrency price manipulation.
$XRP is a popular Proof-of-Stake (PoS) token primarily known for its high demand in cross-border payment services, provided by the San Francisco-based blockchain firm Ripple. In the past, Ripple leaders have faced accusations of controlling the XRPL blockchain network.
In a seven-year-old tweet thread, Marcelo Wolfarth, a member of the crypto community, urged Ripple CTO David Schwartz to “stop suppressing the price of XRP.” The Ripple CTO responded by stating that he is an XRP holder himself, so it doesn’t make sense for him to artificially lower the price of the token.
Schwartz indicated that if he could raise the price of XRP, he would do so. He believes that Ripple’s activities have little impact on the token’s price. He noted that XRP often trades similarly to XLM, the native token of the Stellar network created by Ripple co-founder Jed McCaleb.
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Legal Nature of XRP Coin & Its Price
Currently, $XRP is one of the best digital assets, after Bitcoin and Ethereum, from the perspective of legal clarity. As we know, the Ripple firm completed its fight against the United States Securities and Exchange Commission (SEC) in a US court over the legal nature of $XRP, December 2020 to mid-2024.
The court judge 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. So far, the Ripple firm has not paid the fine amount and is seeking a delay.
Just a few weeks ago, top digital asset fund manager Grayscale Investments announced the launch of an XRP trust to allow institutional investors to invest in XRP.
The current trade price of XRP is $0.59, which is 24% higher over the last three months.
Read also: Germany Shuts Down 47 Cryptocurrency Exchanges – Is Bitcoin’s Bull Run in Jeopardy?
Ripple CTO Speaks Out Against Accusations of $XRP Price Manipulation
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