In response to allegations of price manipulation surrounding Ripple, a prominent member of the XRP community, known as Sherrie, has stepped forward to challenge the accusations levied against the cryptocurrency firm.
The controversy emerged after documents surfaced suggesting Ripple’s engagement with GSR, a global crypto market maker, to utilize trading bots for institutional sales of XRP. Ripple’s Chief Technology Officer has refuted these claims, stating that such practices have been ceased.
Sherrie, representing the XRP community, offered a counterpoint to these accusations, likening Ripple’s actions to standard market activities aimed at fundraising. She compared Ripple’s market strategies to conventional financial practices, such as companies selling and repurchasing their shares, asserting that this is not manipulation but rather reflects the principles of supply and demand.
Furthermore, Sherrie distinguished between manipulation and causation, using the analogy of gravitational force to explain that market dynamics naturally lead to price fluctuations. According to her, Ripple’s XRP sales were intended for fundraising purposes rather than exerting influence over the token’s market price.
Sherrie also pointed to Ripple’s legal victories against the SEC’s allegations of selling unregistered securities as evidence of transparency in the company’s business practices. This perspective serves as a rebuttal to ongoing discussions within the XRP community regarding Ripple’s potential impact on XRP’s market performance.
The controversy surrounding Ripple escalated with revelations from a crypto researcher, known as Darkhorse, who analyzed court documents from the SEC vs. Ripple lawsuit. These documents suggested that Ripple may have instructed GSR Markets to use bots for trading strategies that could have influenced XRP’s price between 2015 and 2016.
Darkhorse’s analysis highlighted a correlation between net XRP sales by GSR and XRP/USD price movements, indicating potential efforts to stabilize and boost XRP’s price. Ripple executives, including CTO Schwartz, have addressed these claims, emphasizing the discontinuation of programmatic sales of XRP since 2019, a move outlined in Ripple’s quarterly reports.
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