Ripple CEO Brad Garlinghouse has sensationally lashed out at critics who have been “spreading fear, uncertainty, and doubt” about XRP, stating that the company’s token “is not a security”.
Garlinghouse, 48, responded to accusations claiming that the Ripple Foundation has sold a vast amount of XRP over the past year, subsequently causing the price of the token to fall from $3 to $0.26.
There has also been 2,400 signatures on an online petition pleading with the Ripple Foundation to stop “dumping billions of XRP, crashing the price”.
But Garlinghouse remains unperturbed, labelling it as “questionable sources spreading FUD [fear, uncertainty, and doubt]”.
In a series of tweets, he wrote: “I’m always struck by the questionable sources (I’m being generous here) spreading FUD about XRP and Ripple. Even more so over the last few weeks (Ripple’s XRP sales, litigation, etc)…. thus, I feel compelled to comment.
I'm always struck by the questionable sources (i'm being generous here) spreading FUD about #XRP and @Ripple. Even more so over the last few weeks (Ripple's XRP sales, litigation etc)…. thus, I feel compelled to comment
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019
“As a defendant in the class action lawsuit, I won’t get into the details (response from Ripple is coming soon). I will say: SEC guidance isn’t issued by the Commission and isn’t law, rule, or regulation. It’s clear XRP is not a security and the UK and others have said as much.
“XRP sales are about helping expand XRP’s utility – building RippleNet and supporting other businesses building w/XRP such as Dharma and Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP’s circulating supply has been lower than that of BTC and ETH.
“Ripple continues to set industry standards in reporting and transparency (one example is our quarterly markets report). We lay it all out, and it’s not our ‘view’ but fact.”
The price of Ripple’s XRP token is 91.98% down from its peak in early 2018. It is also 26% down since the turn of the year.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.