Brad Garlinghouse, the CEO of Ripple, decided to write a thread on Twitter regarding Ripple’s decision to sell XRP to the market. Many users and XRP enthusiasts have been complaining about XRP’s performance in the market this year and how other digital currencies outperformed XRP.
Brad Garlinghouse Addresses XRP Community Complaints
The CEO of Ripple has been very clear about how they fund their operations and expand their services around the world. In a thread on Twitter, he said that he is always “struck” by sources in the space spreading FUD about XRP and the Ripple company. As he mentioned, FUD grew during the last few weeks due to Ripple’s XRP sales and other issues.
The first thing mentioned by Mr. Garlinghouse is that U.S. Securities and Exchange Commission (SEC) guidance is not issued by the commission and is not law, rule or regulation. He has also addressed many of the worries that crypto enthusiasts have regarding XRP being considered a security. He clearly stated that XRP is not a security and that the United Kingdom and other regulators around the world have already said that.
In addition to it, Mr. Garlinghouse explained that XRP sales help expand XRP’s utility by building and expanding RippleNet and supporting other related initiatives such as Dharma & Forte. Furthermore, Garlinghouse explained they have also reduced the sales of XRP in the market.
About it, he said:
“XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”
2/ XRP sales are about helping expand XRP's utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019
In a final tweet, he explained that Ripple is working in order to create industry standards in reporting and transparency. They are also releasing market reports each quarter to help the community understand how Ripple is currently performing.
XRP is the third-largest cryptocurrency in the market in terms of valuation. According to data provided by CoinMarketCap, XRP has a market capitalization of $11.46 billion. At the same time, each XRP can be purchased for $0.2669 at the time of writing this article. Since the beginning of the year, XRP lost over 24% of its value. Considering that Bitcoin surged over 200% since it bottomed in December last year, XRP investors are waiting for the digital asset to expand as well.
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