Ripple CTO Defends GSR Trading Bots as Ripple’s XRP Sales Come Under Fire

  • David Schwartz clarifies why Ripple used trading bots for its XRP sales.
  • He claimed it avoids direct involvement in the market, reducing compliance risk.
  • The response has failed to appease the XRP Army as the debate persists.

In a recent exchange on X, David Schwartz, Ripple’s Chief Technology Officer, explained the rationale behind the company’s utilization of trading bots from GSR for its XRP sales program. This revelation emerges amid heightened scrutiny sparked by documents from the Ripple vs. SEC lawsuit, which shed light on Ripple’s programmatic sales practices.

In particular, the spotlight fell on an email exchange between market maker GSR and Ripple’s team. It revealed a decision to halt XRP sales through GSR’s trading bots to “let XRP breathe.” 

Members of the XRP community highlighted that shortly after halting the bot sales, XRP surged significantly to its all-time high. This has fueled speculation that the preceding sales had suppressed the asset’s price.

Amid the uproar from community members, Ripple’s CTO actively engaged, seeking to offer clarifications where feasible. One of the aspects he attempted to clarify concerned Ripple’s choice to employ GSR for the programmatic sales.

Schwartz noted that he lacked privileged insight into the GSR email discourse. Despite this limitation, he speculated that Ripple’s choice to delegate sales to external entities was a strategic move to mitigate insider trading and price manipulation accusations. 

By entrusting entities like GSR with sales, Schwartz believes Ripple aimed to ensure compliance and avoid direct involvement in the market, thereby reducing the risk of regulatory repercussions.

Moreover, Schwartz underscored that the absence of specific allegations of price manipulation in the SEC charges against Ripple further corroborated the legitimacy of their sales practices. 

Also, he emphasized the meticulous scrutiny by government agencies in cases of regulatory violations, indicating that any indications of malpractice would have likely been included in the charges brought against Ripple.

However, the response from the Ripple CTO has failed to appease members of the XRP community. The debate persists, with further scrutiny of Ripple’s broader endeavors to bolster XRP’s price.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction for Today, November 11—DOGE Technical Analysis

Image
Dogecoin (DOGE) has recently achieved a three-year high, currently trading at $0.28. The meme coin has overtaken both XRP and USDC, rising to the sixth-largest cryptocurrency by market capitalization. DOGE Key Statistics Current Price: $0.28 Market Cap: $40.58 billion Trading Volume (24h) : $18 billion Circulating Supply: 146.7 billion DOGE Total Supply: 146.7 billion DOGE CoinMarketCap Ranking: #6 DOGE’s performance has been exceptional, with a 151% increase over the past month and an impressive 84% rise in the last week alone. DOGE’s recent price action has seen it rise above $0.23, a level not seen since November 2021, and the coin now targets the $0.30 level as it maintains upward momentum. This strong momentum could put DOGE on a path to retest its all-time high of $0.7376, reached in May 2021. DOGE/USD Market Analysis Key Levels Resistance : $0.30, $0.35, $0.40 Support : $0.25, $0.22, $0.20 DOGEUSD – Daily Chart In the DOGEUSD daily chart...
Read more

Silver Trends Amid Gold's Price Hike: Why is Silver Rising?

Image
Silver is also experiencing a notable price hike amid the recent gold rush. The metal has finally broken its consolidation phase, embracing bullish momentum and pace.  Silver has long been stuck in a consolidation phase, portraying a reluctant stance on its price threshold. However, with the growing demand and the metal’s prestige growing stronger, the price of silver has finally broken past several resistance levels to reach $27.3 at press time.  Also Read: Currency Wars: Declining USD Bolsters Prospects for Gold and Silver Why is Silver Rising?  Image Source: Unsplash The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge against inflation, the prices of gold and silver are touching new highs.  Silver is up $27 an ounce, while gold price sits at the $2300 threshold. The demand for these metals has grown tremendously as users are now transitioning tow...
Read more

Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst

Image
The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading Wondering When To Buy Bitcoin? Here Are The Levels To Watch 15 hours ago Bitcoin Price Far From Recovery?  In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average pr...
Read more