2024

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
A new "old" heated debate emerged in the XRP community when one of the enthusiasts once again raised the question - what exactly does Ripple bring to the table with XRP? Some skeptical participants in the conversation called out the top executives of the crypto company, such as CEO Brad Garlinghouse and CTO&nbsp;<a href="https://x.com/JoelKatz/status/1829288602494468139" rel="noopener noreferrer nofollow">David Schwartz</a>.&nbsp;
Among the accusations were that the Ripple heads are agitating to reduce&nbsp;<a href="https://u.today/xrp-futures-open-interest-skyrockets-8-final-rebound-switch-coming" rel="noopener noreferrer nofollow">XRP</a> holdings just to grow their own bank accounts, using retail as on-demand liquidity for their pockets. The part about reducing holdings is a reference to Schwartz's comment about two options for Ripple - hold as much as now or reduce holdings.
When Ripple's CTO was offered two more options - to burn or to give XRP away to a committed holder, he stood up to speak out. Thus, regarding burning, Schwartz reiterated his February example, the XLM to XRP chart, when Stellar's colossal burning gave nothing as it continued to perform as XRP.
Schwartz believes it is because the primary drivers of&nbsp;<a href="https://u.today/xrp-to-5-bollinger-bands-signal-biggest-breakout" rel="noopener noreferrer nofollow">XRP's price</a> come from factors outside the ecosystem that are common to both XRP and XLM.
<blockquote>
 I've talked before about why those options don't really accomplish anything different from what selling accomplishes. For example, here's one place I discussed burning:<a href="https://t.co/4pmCoAEytb" rel="noopener noreferrer nofollow">https://t.co/4pmCoAEytb</a>And here's one place I discussed gifts:<a href="https://t.co/6gQLMVaE86" rel="noopener noreferrer nofollow">https://t.co/6gQLMVaE86</a>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1829288602494468139?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 29, 2024</a>
</blockquote>
On the subject of giving away Ripple's XRP holdings, he went on to say that, as he mentioned in his March speech, giving away XRP is essentially the same as selling it, but with the added risk that people will spend $0.95 to play a $1 giveaway, with most of the funds ending up in the hands of fraudsters.&nbsp;
"We tried that, and it worked until XRP became liquid," Schwartz said at the time.
The topic remains hot in the XRP community, as many are annoyed by such strong reliance on&nbsp;<a href="https://u.today/ripple-burns-stablecoin-tokens" rel="noopener noreferrer nofollow">Ripple</a>. For all the adoption and partnerships that Ripple's support brings, many enthusiasts see XRP as an asset beyond just one company.

Ripple CTO Shuts XRP Scammer Allegations

U_Today

Other articles published on Aug 30, 2024

Bitcoin Price Prediction: Top Analyst Issues Red Flag; Bears Eye $53k Levels

Ready To Cash In? MoonBag 50% Referral Bonus, Brett’s 50% Gain, & WIF’s Whale Play

Io.net and Flock.io Launch World’s First Proof-of-AI Consensus Mechanism

Analysts Predict 3,000% Gains for This New Altcoin: Could It Overtake Solana and Ethereum?

FXST Token Unveils Strategic Roadmap for 2024: Key Milestones and Future Developments

Analyst Predicts Unlikely Altcoin Season Due to Investor Behavior

Join our free newsletter for daily crypto updates!