Ripple CTO Debunks XRP Price Manipulation Rumors

Ripple CTO David Schwartz took to X to clarify rumors being paraded online about the blockchain payment firm manipulating XRP. Schwartz decided that this clarification was necessary after Marcelo Wolfarth, a member of the cryptocurrency community, outrightly told him to “stop suppressing the price of XRP.” 

Ripple Has Little Influence on XRP

The Ripple executive first pointed out that he is also an XRP holder. As a result, any intentional manipulation of the crypto asset will affect him as much as it would other investors. Instead, Schwartz stated that if he could push the price of the controversial coin forward, he would do it with no reservations. According to the Ripple CTO, alterations in the firm’s activity have little impact on the XRP price.

David has revisited his infamous “XRP can’t be dirt cheap” post pic.twitter.com/YfWWNcTqaT

— xoom (@Mr_Xoom) September 20, 2024

For perspective, he highlighted that XRP usually trades in tandem with XLM, the native token of the Stellar network that Ripple co-founder Jed McCaleb created.

XRP Price Still Struggles 

Before this recent statement, Schwartz had previously revealed that he was not aware of the specific factors behind the outlook for the XRP price. In May, Schwartz explained that Ripple is the biggest seller of the XRP cryptocurrency because it is the biggest holder of the token. On one hand, the company would have to keep its XRP tokens forever. 

Meanwhile, XRP has not seen any serious improvement in the last few months, even with the string of wins that Ripple has recorded against the United States Securities and Exchange Commission (SEC). There have been some price gains, but not commensurate with the company’s recent happenings. Analysts believe XRP might experience a breakthrough to $2.4 if it can close above $0.75. 

XRP’s Current Outlook

At this writing, XRP was trading at $0.5891, corresponding with a 0.55% increase in the last 24 hours. In terms of trading volume, the coin has risen by 67.29%.

With a trading volume of $1.1 billion, it is the crypto with the eighth-largest trading position. XRP’s market capitalization is currently at $33.2 billion, making it the seventh-largest cryptocurrency.