Ripple CTO Clarifies XRP Retail Sales: Here’s What You Need To Know

Ripple CTO Warns Against Holding XRP In Automated Market Makers

Ripple’s XRP is among the major altcoins that recorded increased sales and transactions over the past few weeks. XRP surged by almost 30% over the past 30 days.

Despite the ongoing SEC vs. Ripple lawsuit, XRP retail sales have continued, raising several arguments. As a result, Ripple CTO David Schwartz stepped up to clarify the objectives surrounding the matter.

Objectives For XRP Retail Sales: Ripple CTO

In a Twitter post, Ripple CTO David Schwartz diffused heated debate regarding the sales of XRP. The argument centered on if the creation of XRP was explicitly for sales or not.

The CTO explained that the purpose of developing Ripple is to ensure a wider distribution of XRP. This strategy will help the company generate huge income from XRP retail sales and also support its operations.

Before now, Ripple CEO Brad Garlinghouse stated that XRP retail sales had supported the survival of the firm. This statement sparked questions and debates on the firm’s dependence on XRP token sales for revenue. 

There were several online arguments regarding Ripple’s dependence on the sales of XRP tokens. Some critics cited that relying on the asset indicates a lack of a sustainable business model on the part of Ripple. Also, the reliance creates doubts over the legitimacy of XRP as a crypto asset.

However, Garlinghouse mentioned that the company would still flourish and produce more money even without indulging in the sales of XRP coins. The executive made the statement during an interaction with Financial Times

Legal Battle With SEC And XRP Price Performance

The argument on XRP’s retail sales is coming amid the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple. The SEC sued Ripple and some of its executives on December 2020 on allegations that the firm was conducting XRP sales through an unregistered security offering.

The SEC maintained that Ripple raised over $1 billion in 2013 from selling the XRP tokens. However, the firm has continued negating the SEC’s allegations.

At the time of writing, XRP is trading at around $0.4895, indicating a drop of 0.33% over the past 24 hours. According to CoinMarketCap, the XRP’s current market cap sits at $25.56 billion, with the token ranking as the 6th top crypto asset. Its market dominance is 2.10%, with a 24-hour trade volume of $1.47 billion.

XRP is down on the chart l XRPUSDT on Tradingview.com

The price performance of XRP has been quite impressive in the past few weeks. Through a considerable bullish push, XRP broke its resistance at the $0.400 level to reach the $0.500 region in March, marking a new four-month high since November 2022. 

Since April 2023, the token has maintained an average price within the $0.500 level. Its price over the past 7 days dropped by 3.29%. However, the token surged by almost 30% and 28% over the past 30 and 90 days.

Featured image from Pixabay and chart from Tradingview

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