Ripple CEO Accused of Dumping XRP Tokens to Buy Bitcoin
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Ripple CEO Accused of Dumping XRP Tokens to Buy Bitcoin

January 9, 2020      Zain Raza

Ripple has been grabbing the headlines for the wrong reasons and has faced backlash for dumping XRP tokens worth billions on the market. Early cryptocurrency developer and block steam CEO Adam Back, shared his two cents regarding the recent interview Ripple CEO had with CNN. Adam Back accuses XRP of buying bitcoins by dumping tokens on its retail investors.

Ripple has been accused of messing with the market by hampering XRP’s price by dumping XRP tokens as part of its monthly escrow, which leads to the unlocking of 1 Billion XRP. The unsold XRP makes its way back to the escrow wallets. Yet, in his interview with CNN a few days back, Brad Garlinghouse retorted that :

“Ripple can’t control the price of XRP any more than the whales can control Bitcoin.”.

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In a tweet on January 7, 2020, Adam back accused the Ripple CEO of buying a bag of bitcoin, where the XRP tokens are mined already, which the company then dumped down on the investors. To quote his exact words :

“He’s likely pro-BTC though as he’s probably stacking BTC with the pre-mined XRPs dumped on retail.”

It’s a well-known fact that Ripple CEO Brad Garlinghouse is bullish towards bitcoin, and owns a stash. He stated previously that the idea of one cryptocurrency ruling the crypto world should be thrown out of the window, as that won’t be the case. That is why he is fascinated by the idea of the flagship currency.

XRP’s current predicament

All the 14% gains of the current week which XRP made, have been eradicated. The price of the third-largest cryptocurrency went below the 2600 satoshi zone which had catalysed the rally. The XRP-to-BTC exchange rate went down the dumps by more than 12% since Monday. XRP, like the other cryptocurrencies, is facing testing times and selling pressure as it went down by 4.45 per cent on the day.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.