Ripple CEO Brad Garlinghouse has once again come to the defence of the project by stating that the Ripple Foundation cannot control the price of XRP, contrary to popular belief.
XRP is the third-largest cryptocurrency with a market cap of $9 billion and a daily trade volume of around $1.5 billion.
The token has come under intense scrutiny over the past year, with several spectators claiming that the price of XRP crashed due to the over-the-counter token sales conducted by the Ripple Foundation.
XRP slumped from $0.51 to $0.20 over the course of 2019, leaving a sour taste in the mouths of investors amid a 60% decline.
However, Garlinghouse is adamant that the foundation has no control over the price, according to a recent interview with CNN.
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“If you look at the correlation between XRP and much of the crypto market, or call them altcoins, you see a very high degree of correlation,” he said.
“Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin. Some of these markets, particularly smaller tokens, they are at risk of people manipulating them.
“But you’re talking about XRP, which trades more than 1 billion dollars per day. I don’t think anybody is in the position to control that price.”
Garlinghouse also hit out at critics last year by stating that XRP “is not a security” and that it abides by all securities laws, despite scepticism from much of the cryptocurrency community.
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