Ripple CTO Shuts XRP Scammer Allegations

A new “old” heated debate emerged in the XRP community when one of the enthusiasts once again raised the question – what exactly does Ripple bring to the table with XRP? Some skeptical participants in the conversation called out the top executives of the crypto company, such as CEO Brad Garlinghouse and CTO David Schwartz.

Among the accusations were that the Ripple heads are agitating to reduce XRP holdings just to grow their own bank accounts, using retail as on-demand liquidity for their pockets. The part about reducing holdings is a reference to Schwartz’s comment about two options for Ripple – hold as much as now or reduce holdings.

When Ripple’s CTO was offered two more options – to burn or to give XRP away to a committed holder, he stood up to speak out. Thus, regarding burning, Schwartz reiterated his February example, the XLM to XRP chart, when Stellar’s colossal burning gave nothing as it continued to perform as XRP.

Schwartz believes it is because the primary drivers of XRP’s price come from factors outside the ecosystem that are common to both XRP and XLM.

I’ve talked before about why those options don’t really accomplish anything different from what selling accomplishes. For example, here’s one place I discussed burning:https://t.co/4pmCoAEytb
And here’s one place I discussed gifts:https://t.co/6gQLMVaE86

— David “JoelKatz” Schwartz (@JoelKatz) August 29, 2024

On the subject of giving away Ripple’s XRP holdings, he went on to say that, as he mentioned in his March speech, giving away XRP is essentially the same as selling it, but with the added risk that people will spend $0.95 to play a $1 giveaway, with most of the funds ending up in the hands of fraudsters.

“We tried that, and it worked until XRP became liquid,” Schwartz said at the time.

The topic remains hot in the XRP community, as many are annoyed by such strong reliance on Ripple. For all the adoption and partnerships that Ripple’s support brings, many enthusiasts see XRP as an asset beyond just one company.

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