Ripple responds to CNN’s accusations

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Following accusations by CNN anchor Julia Chatterley that Ripple manipulates the price of XRP, Ripple’s CEO Brad Garlinghouse has come back with a robust response, Cointelegraph reports.

The interview on CNN’s First Move show took place on 12th September started with Chatterley saying that CNN has been looking at ways cryptocurrencies can be a force for good, before progressing to discussion of whether Ripple is actively dumping XRP on the market, as some in the XRP community have alleged.

She also asked Garlinghouse about the recent news that the XRP community has been threatening a ‘takeover’, i.e. a hard fork if Ripple executives keep on dumping XRP on the market, and asked the CEO to what extent Ripple owns or controls XRP.

Garlinghouse replied, “In the XRP community, Ripple is the largest owner, and we are the most interested party in the success of the XRP ecosystem.” He then added that dumping XRP onto the markets would not be in Ripples best interests, saying, “We are clearly interested in a healthy, successful XRP ecosystem, and we would never do that.”

Cointelegraph has previously reported that Garlinghouse had sought to diffuse the situation by explaining that XRP sales are about helping expand XRP’s utility: “Building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. 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 also made it clear to Chatterley that Ripple cannot control XRP’s price, saying, “Oh no! Ripple can’t control the price of XRP anymore than a whale controls the price of Bitcoin.”

Garlinghouse further explained to the CNN anchor that the long-term value of any digital asset is going to be derived from the utility it delivers, and points out that XRP is about 1,000 times faster than a Bitcoin transaction and about 1,000 times less expensive.

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