- No value in XRP – Tone Vays
- XRP Plummets as Ripple goes through a series of expansion
The year has been a great one for a crypto company looking at expanding and growing its adoption. Ripple, the company behind XRP cryptocurrency became a $10 billion blockchain hulk after fundraising $200 million earlier this month. Not everyone seems to be impressed by the token, as a prominent trader expressed his displeasure on the coin.
XRP (XRP) Price Today – XRP / USD
Tone Vays, a former Wall Street trader and vice president of JP Morgan Chase, stated that the San Francisco Company has no value. He criticized Ripple for pulling value out of the XRP cryptocurrency. He stated that Ripple is aggressively selling millions of dollars worth of XRP tokens to fund its operations. He further stated that Ripple has a “ridiculous financial advantage” over startups that produce operational liquidity legally.
“The Ripple token now – more or less – act as a security of the Ripple Corporation,” said Mr. Vays. “It was launched illegally; it was launched without compliance. And I think the people who created it should be held accountable.”
As seen on @HodlStyle’s page on Twitter, the “Crypto-Currency Act of 2020′ indicates that #XRP is not a security. Brad Garlinghouse, CEO of Ripple#XRPCommunity #cryptocurrency #crypto.”
XRP Plummets as Ripple Goes Through a Series of Expansion
The San Francisco firm was launched in 2012, so far, Ripple has gained ground after its native token XRP surged in value during the 2017’s infamous ICO boom. XRP came as a tool to aid cross-border transactions over Ripple’s blockchain. The token subsequently gained fame owing to its prospective us as a settlement token for inter-banking systems. This year, Ripple made a series of partnerships including renowned payment company MoneyGram, whose aim is to aid mass adoption for XRP.
Several critics, including Mr. Vays, have accused Ripple and its foundational team for influencing XRP’s plunge. However, Brad Garlinghouse, the CEO of Ripple Labs, stated that they had prevented whales from dumping a large volume of XRP by putting buyers into what he termed “selling-restrictions.”
During his interview with Anthony Pompliano, Mr. Garlinghouse stated:
“We are already 10 or a 100 times more transparent than anyone else in the crypto community and we’ve got a tact for doing that. And, I think you just asked me to be more transparent. I think I’m going to pass.”
Though this explanation did not go well with the critics who castigated Mr. Garlinghouse stating that Garlinghouse is evading the question of what those selling restrictions were. According to Mr. Vays, XRP is a bad investment, stating that:
“Maybe they [Ripple Labs] want to continue pumping the price of XRP, which seems to be the only priority for anyone involved in Ripple.”