‘No Control Over XRP Price’ – Ripple CEO Rebuts Allegations

Ripple CEO Brad Garlinghouse, sat down with a CNN reporter Julia Chatterley and debunked any rumors about his company, manipulating the price of XRP token. The interview that was held on 12th September, saw Chatterley asking Garlinghouse some hard-hitting questions.

Whether or not the company was manipulating the price of the XRP token has been long rumored among the crypto community. The rumors are so strong that even XRP crypto community has threatened a takeover of the XRP token, by saying that Ripple is not to be trusted.

Chatterley who hosts the acclaimed show ‘First Move’ on CNN, asked Garlinghouse about the recent news of its crypto community, threatening to take over XRP. She asked him whether the allegations were true about Ripple executives, dumping XRP tokens in the market dropping the token’s price further. Garlinghouse was also asked about how much XRP tokens does Ripple have and how much control they have over XRP. Garlinghouse responded to her question by saying:

In the XRP community, Ripple is the largest owner, and we are the most interested party in the success of the XRP ecosystem.

Garlinghouse added to his statement that dumping XRP tokens onto the market would not be in the interest of Ripple, the company being the biggest owner of the token has its profit tied to the success of XRP and the drop in the price affects it the most. He added:

We are clearly interested in a healthy, successful XRP ecosystem, and we would never do that,

Previously, Garlinghouse had commented on the situation, assuring the community that XRP sales are not being done to manipulate the price but to increase the utility of the XRP token, he explained:

Building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.

To the Allegations that the company controls price of the XRP token, he responded by saying;

Oh no! Ripple can’t control the price of XRP anymore than a whale controls the price of Bitcoin.

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XRP’s Utility

During his interview, Garlinghouse took a lot of time in explaining the utility of the XRP token and how ripple plays a part in all of this. Garlinghouse explained that the long-term value of any asset will be determined by the utility it delivers. XRP is about 1000 times faster and cheaper than bitcoin transactions, thus have a greater utility than bitcoin. Garlinghouse said:

“Bitcoin (BTC), I am long Bitcoin, and Bitcoin, I think, has a real utility around being a store of value, it is digital gold. But if a BTC transaction takes on average 12 minutes to confirm and the cost is over $1 per transaction, that is not going to be great as a payment solution. So around payments, we think XRP is uniquely and extremely well positioned to solve that payment problem.”

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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