The latest XRP sell off was negligible according to the CTO of the company who defended the platform after the fresh criticism of the coin as reported previously in the XRP news.
In an ongoing Twitter debate, Ripple’s chief technology officer David Schwartz rebuffed the claim that the latest XRP sell off was problematic and that the coin was only designed as a revenue stream for the company. The argument was supported with further tweets from sources including the ex-Bitcoin core developer Peter Todd who said that the partners of the platform had already told him that they were not prepared to use XRP. Schwartz noted:
“Nobody buys XRP to give Ripple money to do things.”
The XRP investors saw the price fluctuations in the recent weeks as the coin dropped to more than two-year lows against the US Dollar. Currently, XRP is trading at around $0.19 and the XRP/USD pair is now down by 95 percent against its all-time high of $3.40. For some of the investors, the picture seems complicated by the curious relationship that Ripple has with XRP.
When problematic questions emerged in the past, Schwartz attempted to defend the company from ideas and suggestions it created and the controlling of XRP despite the company’s selling of huge tranches of tokens over the past two years. Over time, these sell-offs only increased in size.
However, now, Schwartz seems to be distancing Ripple and its sell-offs from XRP even further by saying:
“We were vc/angel funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding.”
The hole that seems to be intensifying after the prominent Bitcoin trader Tone Vays suggested that XRP was illegally launched security, will only be getting worse. A few days ago, Ripple announced that it had secured a $200 million Series C funding round and this led it to describe 2019 as the strongest year for the company despite the weak performance of the asset.
As per the previous reports, CEO of Ripple recently stated that according to him Libra will not launch before 2023, which is longer than the expectations of most in the crypto community since the market headed towards better cryptocurrencies, will not tolerate these kinds of projects.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post