If you’ve been paying attention to the XRP token and the Ripple community, then you know that Ripple, XRP’s parent company, holds more than 60% of the total XRP tokens in circulation.
This is why many people in the cryptocurrency community do not believe that the token is decentralized. This is how questions about the XRP security status emerged. Ripple’s control over a significant portion of all the tokens that have been manufactured gives them power over the price.
In his recent interview with Bloomberg, Garlinghouse said that they might have a lot of XRP tokens in their positions but they do not have full control of these tokens.
- Ripple’s Brad Garlinghouse Addresses Concerns About the Price Manipulation Allegations Against his Company
- Garlinghouse Claims that Their Sell of the XRP tokens are Essential for Building the Ecosystem and Doesn’t Affect the Price of the Token
Ripple News Today – Garlinghouse Addresses Concerns about their Sale of XRP Tokens concerning Price Manipulation
The renowned CRO said;
“Years ago, we put well over 90% of the XRP that Ripple owns into escrow accounts that we can’t access. So this is one of those kinds of what I call FUD fear, uncertainty, and doubt, where people put things out there without a total understanding of what’s going on in the market.
There isn’t a risk because of how the escrows are structured for Ripple to do anything that would be bad for the market, and obviously, it’s not in our best interest to do so. We’re a major holder of XRP and we want to see it as highly liquid and delivering a lot of utility. We deploy XRP to solve a cross-border payment problem. We’ve been very successful at that. We have a couple of hundred customers we’ve signed up around the world, including customers using XRP to manage real-time cross-border payments.”
He continued;
“Today, Ripple doesn’t sell any XRP through what we call programmatic trading. We only sell it as part of the product and the product experience.”
Garlinghouse confirms the company is exploring a possible relocation away from US shores due to unclear regulations on crypto and blockchain technology. He names Switzerland, the UK, United Arab Emirates, Singapore, and Japan as possible destinations.
“Japan has been one of our strongest markets. We have a very successful partnership there with a group called SBI. They’re our largest outside investor, and their CEO has been an innovator and pioneered a whole lot of things around finance and technology.
Japan is one of the markets we’re looking at because there is clarity, and I think Japan was on the leading edge back in 2017, providing a taxonomy to help companies and to help all the regulators understand how they were going to look at different cryptocurrencies.”
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
