A recent statement from a member of the XRP community, known as Sherrie, has brought attention to accusations against Ripple, the cryptocurrency firm, regarding the manipulation of XRP token prices. The controversy stemmed from documents revealing Ripple’s collaboration with GSR, a global crypto market maker, to utilize trading bots for institutional XRP sales. Ripple’s Chief Technology Officer has denied these allegations, stating that the company has ceased such activities.

Sherrie provided insights on the situation, comparing Ripple’s actions to standard fundraising practices common in the financial sector. She emphasized the distinction between manipulation and market dynamics, citing Ripple’s XRP sales as a means of raising funds rather than influencing prices. Drawing parallels to conventional financial operations, Sherrie explained that Ripple’s activities align with basic economic principles of supply and demand.

Furthermore, Sherrie pointed out Ripple’s legal victories against the SEC’s accusations of selling unregistered securities as evidence of the company’s transparency in business operations. These outcomes aim to counter ongoing discussions within the XRP community regarding Ripple’s potential impact on XRP’s market performance.

Controversy surrounding Ripple escalated with revelations from a crypto researcher named Darkhorse, who analyzed court documents from the SEC vs. Ripple lawsuit. Darkhorse’s findings suggested that Ripple may have directed GSR Markets to use trading bots to manipulate XRP prices between 2015 and 2016. The disclosed strategies outlined Ripple’s coordination with GSR to buy and sell XRP in ways that could influence its market value.

The XRP community closely monitored these developments, with notable members like Wrathof Kahneman noting efforts to stabilize and boost XRP prices. Ripple executives, including CTO Schwartz, addressed these claims by highlighting the discontinuation of programmatic XRP sales since 2019, as detailed in Ripple’s quarterly reports.

For more news and updates on the cryptocurrency industry, explore Global Crypto News.

Post Views: 3