David Schwartz, chief technology officer at San Francisco-based firm Ripple, recently addressed XRP price manipulation accusations on his X social media profile.
Marcelo Wolfarth, a member of the cryptocurrency community, recently asked Schwartz to “stop suppressing the price of XRP.”
The Ripple CTO clarified that he himself is an XRP holder. Since he has skin in the game, it makes little sense for him to artificially suppress the price of the controversial token.
In fact, if Schwartz actually could push the price of the Ripple-affiliated cryptocurrency higher, he would certainly do it.
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“I hold XRP. If there was some way I could get the price of XRP to go up, I assure you that I would do it,” the Ripple executive stated in his social media post.
Schwartz claims that changes in Ripple’s activity actually have little impact on the price of the token. To support him point, Schwartz pointed to the fact that XRP tends to trade in tandem with XLM, the native token of the Stellar network that was created by Ripple co-founder Jed McCaleb.
As reported by U.Today, Schwartz recently admitted that he had “no idea” what specific factors were actually behind XRP’s price action.
Earlier this year, the mastermind behind the XRP Ledger explained that Ripple is the biggest seller of the XRP cryptocurrency simply because it is the biggest holder of the token. Alternatively, the company would have to keep its XRP tokens forever.
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According to CoinGecko data, the XRP token is currently trading at $0.595. With a valuation of $33 billion, it is the seventh-biggest cryptocurrency by market cap.
Despite Ripple’s string of wins against the SEC, XRP’s price performance has been rather underwhelming.
