<ul class="wp-block-list news-points">
 <li><strong>Ripple CTO David Schwartz talked about burning XRP supply to boost prices.</strong></li>
 <li><strong>Schwartz also said that he would not engage in burning or gifting XRP to initiate price surges.</strong></li>
 <li><strong>Ripple has decided to reduce its XRP holdings.</strong></li>
</ul>
<p>Ripple’s CTO, David Schwartz, addressed critics who believe the company suppresses the price of XRP, the seventh-largest cryptocurrency by market cap, by flooding the market with tokens.</p>
<p>Schwartz took to X (formerly Twitter) to explain that burning XRP tokens or giving them away wouldn’t magically boost the price. He stated that the burning of Stellar (XLM), the thirtieth-largest cryptocurrency by valuation, had no impact on the price of the altcoin.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">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" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4pmCoAEytb</a><br>And here's one place I discussed gifts:<a href="https://t.co/6gQLMVaE86" target="_blank" rel="noopener noreferrer nofollow">https://t.co/6gQLMVaE86</a></p>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1829288602494468139?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>He further highlighted an X <a href="https://x.com/JoelKatz/status/1759523883647148252" target="_blank" rel="noopener noreferrer nofollow">post</a> from earlier this year where he explained why gifting XRP to the crypto community is not the right way to go as well, confirming that the strategy worked …</p>
<p>The post <a href="https://coinedition.com/ripple-cto-selling-xrp-not-burning-fuels-growth/" rel="noopener noreferrer nofollow">Ripple CTO: Selling XRP; Not Burning, Fuels Growth</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

Ripple CTO: Selling XRP; Not Burning, Fuels Growth

Coin Edition

Other articles published on Aug 30, 2024

50 BRICS Countries to Ditch the US Dollar by Integrating New Payment System

Top Analyst Doubles Down On “Inevitable” $50 XRP Price

Report Highlights Employment Challenges in Paraguayan Bitcoin Mining Industry

Billion Dollar Investment Company Pantera’s $100 Million Altcoin Revealed

Investors Face Challenges as Bitcoin and Nvidia Prices Fluctuate

Is MoonBag the Best Crypto Presale Platform After Upcoming LBank Listing Amid DICE’s $50M Gaming ...

Join our free newsletter for daily crypto updates!