CEO Brad Garlinghouse On Dumping: “Ripple Can’t Control XRP Price Any More Than Bitcoin Whales”

  • Brad Garlinghouse: Ripple is interested in a “healthy successful ecosystem” and would “never” dump XRP price
  • The company sells XRP to institutions on discount but put restrictions on how much and when they can sell
  • With MoneyGram, they are seeing more momentum than they've ever had around using XRP

Ripple CEO, Brad Garlingouse recently appeared on CNN to address all the “FUD” around Ripple and XRP.

“It’s in our best interest to maintain a healthy XRP ecosystem, and I'm happy to put any rumors of the contrary to rest,” he said.

Ripple, Garlinghouse acknowledged, owns a lot of XRP but the ‘accusations’ of the company dumping the digital asset he said is not in Ripple’s best interest combined with that they are interested in a “healthy successful ecosystem,” they would “never do that.”

He further said that’s the reason they have locked up most of the digital assets that the company owns in the escrow account.

Ripple can't control the price of XRP any more than the Bitcoin whales can that of BTC, he said.

He also pointed out how with Bitcoin, nobody knows who are those whales while Ripple — the most interested party in the success of the XRP ecosystem — is the largest owner of the digital asset.

While smaller market cap cryptocurrencies run the risk of price manipulation, XRP, on the other hand, involves billions of dollars of activity.

“I don't think anybody's in a position to really manipulate those prices.”

So, what about the XRP that Ripple sells to institutions for partnerships on discount?

With MoneyGram, he said, there was no “special sweetheart deal” but at times institutional investors want to buy millions of dollars worth of XRP and Ripple given them the digital currency at “slightly cheaper” rate.

He said these billions of XRP, however, are kept locked up to prevent them from dumping

“We would hypothetically have restrictions about what they could sell and how often,” which is about six months or a year, Garlinghouse said.

Talking about how Ripple is different from Bitcoin, he explains how in comparison to Bitcoin that takes up to 12 minutes to complete a transaction, XRP is “extremely fast” at 3 seconds per transactions.

Though XRP is uniquely and extremely well positioned to solve that payments problem unlike Bitcoin, Garlinghouse is “long Bitcoin.”

The long term value of any digital asset he believes is going to be derived from the “utility it delivers.”

As it has already been known Ripple is in partnership with over 200 banks around the world. Some just use the software while others are using XRP.

Garlinghouse also shared that Bank Santander are moving lots of volumes while MoneyGram and Ria are using the digital asset to move liquidity and benefitting in terms of reduced cost and improved product.

About its partnership with MoneyGram, he said, “we're seeing more momentum than we've ever had around using XRP” and they “couldn't really be happier about how that has played out” in a world where he said there is a lot of uncertainty and doubt surrounding crypto.

You can watch the videos here:

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