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Ripple Denies Manipulating XRP Price, Says its not in their Interest

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September 13, 2019 | 

965 Views | 

Darryn Pollock | 

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There have been growing concerns from the CRP community that the company at the helm of this token is perhaps doing things to manipulate the price; they have been accused of dumping XRP on the market to affect its price. 

This is a rather large accusation that is circling, and proves the issues with having a cryptocurrency that is not entirely decentralized. Ripple has often been called a centralized force for the XRP token, declassifying it as a cryptocurrency, because of the control the company has with the supply of tokens.

This has lead their head, Brad Garlinghouse to defend the company in an interview on CNN. Garlinghouse began by telling CNN that Ripple has been looking at ways cryptocurrencies can be a force for good, before the interview progressed to a discussion of whether Ripple is actively dumping XRP on the market, as some in the XRP community have alleged. 

Garlinghouse rejected this claim stating that there is no good to be achieved for Ripple if it was doing such a thing. He stated that part of being the majority stakeholder in the company, and with the cryptocurrency, they had the most to lose if there was nefarious actions taken against the coins. He also had to address concerns about a potential takeover by the community. 

The most interested party. 

Chatterley questioned the CEO about the alleged news of the XRP community attempting to threaten with a ‘takeover’, i.e. a hard fork if Ripple executives keep on dumping XRP on the market. The concern for the community being how much ownership Ripple itself has over XRP. Garlinghouse responded 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.”

He then went on to explain that dumping XRP onto the markets would not be in their best interest to do so. 

“We are clearly interested in a healthy, successful XRP ecosystem, and we would never do that,” he added.

Garlinghouse tried to explain the dumping of tokens as part of the process of growing the XRP token’s utility and that its sales help expand that.

“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.”

Finding that utility

For Garlinghouse, it became clear in the interview that his defining point for XRP is its utility, as well as its performance. He went on to compare how, as a token, it is far quicker, and cheaper than Bitcoin, and thus can have better utility.

“Bitcoin, 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 the payment problem,” explained the CEO.

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