- David Schwartz clarifies why Ripple used trading bots for its XRP sales.
- He claimed it avoids direct involvement in the market, reducing compliance risk.
- The response has failed to appease the XRP Army as the debate persists.
In a recent exchange on X, David Schwartz, Ripple’s Chief Technology Officer, explained the rationale behind the company’s utilization of trading bots from GSR for its XRP sales program. This revelation emerges amid heightened scrutiny sparked by documents from the Ripple vs. SEC lawsuit, which shed light on Ripple’s programmatic sales practices.
In particular, the spotlight fell on an email exchange between market maker GSR and Ripple’s team. It revealed a decision to halt XRP sales through GSR’s trading bots to “let XRP breathe.”
Members of the XRP community highlighted that shortly after halting the bot sales, XRP surged significantly to its all-time high. This has fueled speculation that the preceding sales had suppressed the asset’s price.
Amid the uproar from community members, Ripple’s CTO actively engaged, seeking to offer clarifications where feasible. One of the aspects he attempted to clarify concerned Ripple’s …
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