Altcoin News: Ripple CEO Comments on XRP’s Massive Sales

August 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The American fintech company Ripple in August attracted another wave of criticism. One user drew up a petition calling on Ripple to stop selling XRP in large quantities, and a group of investors sued the company, citing the U.S. Securities and Exchange Commission (SEC) guidelines on digital assets published earlier this year.

Ripple CEO Brad Garlinghouse on August 28, after several weeks of silence, commented on his company’s criticism.

“I’m always struck by the questionable sources (i’m being generous here) spreading FUD about #XRP and @Ripple,” said Garlinghouse.

He claims that the SEC leadership was prepared by employees, not the regulator, and is not a law or rule: “It’s clear XRP is not a security and the UK and others have said as much.”

Regarding the active liquidation of XRP held by Ripple, Garlinghouse writes that these sales help the company increase the practical value of XRP by developing RippleNet and supporting third-party companies that use cryptocurrency in their activities.

“ Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH,” he added.

CEO Ripple says the company continues to work towards creating standards for the cryptocurrency industry. As an example, he pointed to the XRP sales report for the second quarter, which provides detailed information on the sale of cryptocurrency to institutional investors and its distribution through a network of partners.

Garlinghouse’s comments provoked mixed reactions in the community. Some thanked him for trying to dispel investor doubts arising from recent events, while others were not convinced by the explanations provided. One user drew attention to the fact that XRP was the only cryptocurrency in the top ten digital assets, which showed a decline in 2019.

Image: Bloomberg

XRP is currently trading 93% below its all-time high of $3.84 on January 2018.

A petition calling on Ripple to stop merging XRP tokens and dropping their price in 3 weeks gathered nearly 2,500 subscribers.

Author: Marko Vidrih