David Schwartz, Chief Technology Officer of San Francisco-based company Ripple, recently addressed XRP price manipulation accusations on his X social media profile.
Accusations and Schwartz's Response
Marcelo Wolfarth, a member of the cryptocurrency community, recently asked Schwartz to 'stop suppressing the price of XRP.' Schwartz clarified that he himself is an XRP holder and that it makes little sense for him to artificially suppress the token's price.
Schwartz's Position on XRP Price
Schwartz noted that he is personally interested in the rise of XRP price and if he could push it higher, he would certainly do so. As he stated: 'I hold XRP. If I could get its price to go up, I assure you that I would.' Schwartz also claims that changes in Ripple's activity have little impact on the token's price.
Factors Affecting XRP Price
Schwartz pointed to the example of correlation with XLM, the token of the Stellar network created by Ripple co-founder Jed McCaleb, which trades in tandem with XRP. Earlier this year, Schwartz explained that Ripple is the biggest seller of XRP because it is the largest holder of the token. According to CoinGecko, XRP is currently trading at $0.595, making it the seventh-largest cryptocurrency by market cap with a valuation of $33 billion.
Despite Ripple's string of wins against the SEC, XRP's price performance has been rather underwhelming.
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