CEO Ripple commented on XRP's mass sales
The American fintech-company Ripple in August brought on itself another wave of criticism. One user wrote a petition calling on Ripple to stop selling XRP in large batches, and a group of investors sued the company, citing the SEC guidelines published earlier this year.
Ripple CEO Brad Garlinghaus commented on his company's criticism after several weeks of silence on August 28.
"I'm always struck by the dubious sources (and here I put it mildly) of FUDs on XRP and Ripple," said Garlinghaus.
He claims that the SEC guidelines were prepared by employees and not by the regulator itself, and is not a law or rule: "It's obvious: XRP is not a security. In the UK and other countries, this is exactly what was said.
Regarding the active liquidation of Ripple's XRP reserves, Garlinghaus writes that these sales help the company to increase the practical value of XRP by developing RippleNet and supporting third party firms using the cryptocurrency in their operations.
"The reality is that we have reduced sales volumes in quarterly terms. Since then, XRP's turnover growth rate has been lower than that of BTC and ETH," he added.
Ripple's CEO said that the company continues to work on creating standards for the cryptocurrency industry. As an example, he cited XRP's second quarter sales report, which provides detailed information on the sale of the cryptocurrency to institutional investors and its distribution through a network of partners.
Garlinghaus' comments caused a mixed reaction in the community. Some thanked him for trying to dispel the doubts of investors that arose in connection with the recent events, while others were not convinced by the explanations provided. One user pointed out that XRP was the only cryptocurrency in the top ten digital assets to show a decline in 2019.
Currently, XRP is trading 93% below its historic high of $3.84 in January 2018.
A petition calling on Ripple to "stop selling the XRP" in 3 weeks brought together almost 2,500 subscribers.
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