Ripple’s CTO Addresses XRP Sales Rumors
Ripple’s Chief Technology Officer (CTO), David Schwartz, has responded to rumors about increased XRP sales in December. These rumors have been blamed for the stagnant price movement of XRP. In a post on his X platform, Schwartz clarified that the reports of three times higher monthly sales are inaccurate. He mentioned that the upcoming XRP Markets Report will provide more information on Ripple’s holdings of XRP over the quarter, dispelling these rumors. Schwartz emphasized that there haven’t been any significant changes in Ripple’s holdings and that the fluctuations are due to transfers, grants, and sales.
Debate Over Impact of Ripple’s XRP Sales
Responding to a post by crypto analyst ABS, Schwartz addressed claims that Ripple is “heavily dumping” XRP tokens on the market. Another user clarified that Ripple’s XRP sales do not directly impact the token’s price on exchanges. This debate continues regarding the impact of Ripple’s XRP sales on the overall market. Pro-XRP crypto YouTuber Jerry Hall has previously suggested that these sales suppress XRP’s price. However, others argue that it does not have a direct effect.
Ripple CEO Comments on Spot Bitcoin ETF Approval
Following the approval of Spot Bitcoin ETFs, Ripple’s CEO Brad Garlinghouse congratulated those involved and emphasized the significance of this moment for legitimizing crypto as an asset class. He believes that this development will drive institutional adoption of cryptocurrencies and encourage a focus on real-world use cases. Garlinghouse highlighted Ripple’s use case for the XRP token in facilitating transactions on their payment service. While there is speculation about an XRP ETF following the approval of Spot Bitcoin ETFs, analyst James Seyffart suggests that it is unlikely to launch this year.
Hot Take: Ripple Addresses XRP Sales Rumors and CEO Comments on Spot Bitcoin ETFs Approval
Ripple’s CTO David Schwartz has provided clarification on rumors about increased XRP sales, stating that the reports are inaccurate. He emphasized that there haven’t been any significant changes in Ripple’s holdings of XRP. The impact of Ripple’s sales on XRP’s price continues to be debated, with conflicting views on whether it directly affects the token’s value on exchanges. Meanwhile, Ripple’s CEO Brad Garlinghouse celebrated the approval of Spot Bitcoin ETFs and believes it will further legitimize crypto as an asset class. He expects this development to drive institutional adoption and focus on real-world use cases. However, an XRP ETF is unlikely to launch this year, according to analyst James Seyffart.
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