One of the leading cryptocurrencies, XRP has risen nearly 400% in recent weeks, drawing in nearly $2.9 to a seven-year high Thursday. The token has now grown its market capitalization to an eye popping $146.66 billion figure which accounts for 79.54% of this value in just weeks.
The remarkable gains, however, have come with controversy. The rapid ascent of XRP has raised concerns among critics who suspect XRP, the company that is close to the cryptocurrency, is somehow behind it all.
Ripple’s leadership has been accused of selling billions of ‘pre-mined’ XRP tokens to retail investors, meaning some believe it’s undermining market integrity.
Ripple CTO Responds with Lighthearted Humor to Criticism
Detractors have added their fuel to the debate by circulating satirical memes showing Ripple CEO Brad Garlinghouse dressed in opulent gold, resembling the suits and ties of Wall Street busts.
The claims have caused discussion on the internet to spread widely, so Ripple CTO David Schwartz responded. Schwartz took that lighthearted approach by posting a GIF from the movie *toy story* that uses the caption “Haters, haters everywhere.”
The ongoing debate continues because of Ripple’s connection to XRP. Ripple is used by the company to facilitate cross border payments. Moreover, it accounts for a good share of the token’s supply where close to 38.04 billion XRP is locked in escrow. XRP periodically determines what amount of their tokens to release in order to keep supply stabilized, both for market stability as well.
The absence of XRP from meaningful themed coverage until very recently means that when it comes on, it makes waves; the XRP is catching the headline news but the scrutiny around Ripple’s actions is adding another layer of complication to it. The token’s trajectory may or may not be affected by the allegations.
