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Ripple

Expert Addresses Conspiracy Theories, Affirms Ripple’s Stance Against XRP Dumping

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bill Morgan, a well-known Australia-based lawyer and entrepreneur has delved into speculations regarding Ripple dumping of XRP to manipulate or suppress its price, debunking the claims and emphasizing transparency in the crypto asset’s management.

No Proof To Back Up Claims Against Ripple

Morgan’s insights on the subject were triggered by a pseudonymous X user noting that several people in the crypto community are going about claiming that Ripple’s dumping of XRP is a “conspiracy theory,” while calling on the lawyer to confirm these allegations.

Related Reading: Crypto Status Is The US SEC’s Primary Target, Not XRP: Bill Morgan

Initially, the X user’s comment came in light of Onledger’s post concerning the distribution of XRP over the course of five years, particularly between 2019 to 2024. Onledger highlighted that within 5 years, the overall amount of distributed XRP (all XRP not owned by Ripple) has grown from 41.1 billion XRP to 55.05 billion XRP.

Meanwhile, during the aforementioned period, about 14 billion XRP was brought to the crypto market, primarily by Ripple, but also by the payment company’s co-founder and Stellar creator Jed McCaleb. It is worth noting that since 2014, Jed McCaleb was found dumping XRP, following the $9 billion in recompense he received for his work at the firm.

As a member of the founding team of Ripple in 2012, while it was still known as OpenCoin, McCaleb received a portion of the 20 billion XRP that was given to himself and the other two founders, Chris Larsen and Arthur Britto.

Rather than instantly selling all of his tokens after splitting from Ripple in 2013, McCaleb was compelled to unload them over an extended period of time. Specifically, an address identified as “Tacostand” which was linked to McCaleb was found responsible for the persistent selling pressure of the digital asset.

However, the selling pressure brought about by “Tacostand” had less of an effect on the price of XRP, or at least that was the purpose of the contract between Ripple and McCaleb.

Responding to the X user, Bill Morgan clarified his position, asserting that he had never said it was a conspiracy theory. According to Morgan, Ripple selling a significant amount of XRP into the market can naturally impact prices negatively in the same way as producers of oil may negatively impact prices by raising supply, provided that demand stays the same. 

XRP Price Movement Follows The Broader Market

Morgan underscored statements suggesting that this is the main cause of the change in the price of XRP, which has been the subject of his criticism. This is because there is no available evidence to prove this was the major objective behind the price decline.

Meanwhile, the Ripple case provides proof that XRP’s price moves in tandem with the wider crypto market, particularly with respect to changes in the prices of Ethereum (ETH) and Bitcoin (BTC).

Related Reading: XRP Has Legal Clarity No Matter What: Lawyer Clears Up FUD

Thus, Morgan has flagged the subject as fudding since some people claim that Ripple is surpressing XRP’s value by dumping coins. He further highlights the fact that these people either purposefully or unintentionally ignore the numerous reasons why this is false.

Ripple
XRP trading at $0.6067 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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