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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Feb 19, 2024 09:11 UTC
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Ripple News: CTO Addresses Investor Concerns About Stagnant XRP Price
While Bitcoin and Ether surge, XRP remains below $0.60, sparking investor concerns.
Ripple CTO clarifies rumors about programmatic XRP sales, confirming they ended in 2020.
Ongoing efforts to clarify sales practices show commitment to open communication, crucial for the wider cryptocurrency industry.
Ripple’s XRP is currently grappling with a price struggle, unlike the recent surges seen with Bitcoin and Ether. With XRP hovering below $0.60, investors are growing concerned. This has sparked a conversation within the Ripple community about the company’s sales methods and their potential impact on XRP’s performance.
Chief Technological Officer of Ripple, David Schwartz, recently stepped forward to address the mounting questions surrounding Ripple’s approach to selling XRP. Schwartz clarified doubts that surfaced after documents revealed Ripple’s involvement in programmatic sales of XRP.
Schwartz’s Insight
Schwartz made it clear that programmatic sales of XRP came to a halt in 2020, as outlined in the Q1 2023 XRP markets report. The report revealed that, currently, only ODL (Ripple Payments) partners are buying XRP from Ripple for use in cross-border payments.
Also Read: Ripple’s CTO David Schwartz Shares His Optimistic Outlook for Crypto in 2024
Schwartz emphasized the distinction between programmatic sales and transactions with ODL partners, stating that Ripple exclusively sells XRP to the latter. He also highlighted Ripple’s practice of obtaining additional XRP from the open market, offering a balanced perspective.
Behind the Scenes
Schwartz’s revelations shed light on Ripple’s unique approach to transactions. Occasionally, the company sells more XRP to ODL partners than it acquires from the open market, leading to fluctuations in the company’s XRP balance.
Addressing concerns within various communities, David Schwartz is actively working to bring transparency to Ripple’s sales practices. Recognizing the need for improved communication, he awaits further clarity from Ripple to address apprehensions within the cryptocurrency community.
Read More: XRP Price To Hit New ATH Soon, Hints Crypto Expert
Ripple’s efforts to clarify its sales dynamics highlight the importance of transparency. Open communication is exactly what the industry needs right now!
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