In response to the XRP community’s accusation that Ripple was not transparent regarding XRP sales, CTO David Schwartz adopted a firm stance.
David Schwartz, the Chief Technology Officer (CTO) of Ripple, recently adopted an unequivocal position amid a contentious discussion regarding the purported disposal of XRP by Ripple.
He denied allegations that XRP sales data were concealed and emphasized the organization’s dedication to transparent operations and ethical sales practices.
Ripple CTO Remains Resolute Regarding XRP Dump Allegations
Schwartz conveyed his dissatisfaction in a statement addressing concerns multiple stakeholders raised regarding Ripple’s misinterpretation of XRP transactions. “I don’t really understand why people think it matters so much exactly how we sell XRP.” he said.
I understand caring how much we sell, but honestly I don't really understand why people think it matters so much exactly how we sell XRP. Yes, we choose when to sell. Yes, we choose how much to sell. And everyone can see how much XRP comes out of escrow and how much goes back in.
— David "JoelKatz" Schwartz (@JoelKatz) February 19, 2024The transparency about Ripple’s sales determinations was underscored by him. In response to the majority of questions posed by members of the XRP community, the CTO of Ripple commented on a post on X, “Yes, we choose how much to sell. And everyone can see how much XRP comes out of escrow and how much goes back in.”
A prior clarification by Schwartz regarding Ripple’s actions stated that the organization had discontinued programmatic XRP sales during the initial quarter of fiscal year 24. An XRP supporter, on the other hand, accused Ripple and its CTO of “misleading” the public by “failing” to disclose that they engage in XRP On-Demand Liquidity (ODL) transactions.
@jungleincxrp
First, they said in their XRP markets report that they stopped programmatic sales. Failing to mention that they started to sell that amount trough ODL transactions.
Second, after they stopped the progr. sales in Q1 2023 they suddenly stopped showing the ODL…
— randomguy.xrp (@GenesisLedger) February 18, 2024The CTO of Ripple vehemently denied the aforementioned assertions. In response to the user who criticized Ripple with scathing remarks, Schwartz provided a screenshot of the company’s statement in which it was unequivocally stated that programmatic XRP sales have ceased, whereas ODL sales continue to operate.
Zach Rector And Bill Morgan Extend Their Support
Bill Morgan, an attorney who closely monitors Ripple updates, intervened in the discussion and distinguished between the terms “dumping” and “selling.” “However, in the context in which the term is being used, dump” refers to selling XRP to the point where its price is suppressed.
In addition, Morgan underscored the importance of distinguishing between sales strategies and their impacts on market dynamics, imploring members of the XRP community to construct their arguments upon empirical evidence rather than conjecture.
Stay focused on XRP, look at the circulating supply from the last 6 years.
You cannot say Ripple doesn't dump/sell. It's a fact, they even admit it.
— BerryableGuy 🍓 (@berryableguy) February 19, 2024Furthermore, he emphasized that the circulating supply of HBAR rose from 15 billion to 33 billion, and its price remains elevated compared to two years ago, primarily due to wise money-absorbing supply.
Establishing a connection to the XRP scenario, he wrote, “People in the #XRPcommunity carrying on about Ripple dumping should listen to this and draw some lessons.”
Zach Rector, an author who regularly reports on XRP developments, observed that Ripple is not selling XRP. Rector attributed the demise of XRP to retail investors in a recent YouTube video where he made a bold proclamation. “The irony of this whole situation is we come to find out it’s actually the retail investors who have been dumping XRP. Not Ripple.”
