CEO Brad Garlinghouse Says XRP Price Can’t Be Controlled By Ripple, Utility Will Dictate
Ripple’s CEO, Brad Garlinghouse, said in a CNN interview from January 5 that his company is not looking to get rid of its XRP cryptocurrency, even if it’s selling a lot of it.
— XRP 2020 (@XRP_2020) January 4, 2020
He also talked about the relationship between Ripple and XRP, and how the company can’t control the coin’s price:
“Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin.”
Ripple Got Rid of More XRP Than Ever in 2019
Garlinghouse’s comments on Ripple not wanting to dump XRP are contradicting what happened with the company’s market in 2019. He said,
“Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that […]. We would never do that and in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”
XRP Had Major Lows in December 2019
XRP had its worst lows over the last 2 years in December 2019, when it dropped under $0.29 and was trading at some point 96% below its $3.40 high of all time. In the last 24 hours, it had a 9% recovery and XRP/USD came across the $0.20 barrier. Garlinghouse firmly denied Ripple’s influence over the XRP price, in spite of the company’s token share.
Major XRP Buyers Would Have Restrictions
Garlinghouse continued the interview by saying Ripple would not have a positive response for large investors owning a lot of the XRP supply and said the company is an enduring major token holder that keeps on moving forward. When mentioning institutional investors, he had this to say:
“We don’t want some other party buying a whole lot of XRP and dumping it on the market, and so we would hypothetically have restrictions about what they could sell and how often, and usually those are based on volume in the market.”