Ripple CEO Brad Garlinghouse Freshly Refutes XRP Manipulation Charges

On the heels of consistent allegations about XRP price manipulation on Ripple and his CEO Brad Garlinghouse, he has once again denied them flatly. The Ripple is currently embroiled in controversies regarding the selling of unregistered securities.

In a much-anticipated interview given to CNN’s first anchor, Julia Chatterley, he refuted several charges against his company.

Ripple Controversy

Ripple and CEO Brad Garlinghouse have been facing several lawsuits since last year May, regarding simulated inflation of XRP prices by the investors and XRP community.

Some of the charges prosecuted by the disgruntled investors are:

1) Ripple is trying to inflate the market value of XRP by limiting its distribution of 61 billion Company-owned XRP by keeping 55 billion in an escrow account.

2) The company has violated US security laws by selling XRP currency using propriety technology.

3) Ripple is using XRP as security by controlling them.

Garlinghouse has constantly denied these charges. On the recent threat of takeover from XRP community, he said,

In the XRP community, Ripple is the largest owner, and we are the most interested party in the success of the XRP ecosystem.

XRP’s market position

XRP is among the top three cryptocurrencies along with Bitcoin and Ethereum. It has a market capitalization of $11.4 billion. As a parent company, Ripple holds 60% of XRP tokens.

As per the accusations, Ripple is selling 1 billion XRP every month right from December 2017. As a result, XRP’s market value has been lowered down by 25% in the ongoing year.

The charges have been denied so far and are justified as the funds are being used for Blockchain projects.

Excerpts from Garlinghouse’s Interview

To a question which enquired whether Ripple can control the market value of XRP, he answered,

Oh no! Ripple can’t control the price of XRP any more than a whale controls the price of Bitcoin.

Garlinghouse answered most of the questions straightforwardly. He assured their ownership on XRP. He strongly denied the manipulation claims. He stated that no single company could control the market by manipulating the price of XRP unnaturally and Ripple uses XRP to speed up money transfers.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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