Ripple’s XRP Sales Suppressed The Coin’s Price

It’s been just reported that the SEC alleges that Ripple execs misled investors and manipulated XRP coin price by creating an information vacuum.

The US SEC alleged that Ripple Labs execs Bradley Garlinghouse and Christian Larsen manipulated the XRP price by ramping up or slowing down their coin sales depending upon market conditions.

Cointelegraph notes that in an amended complaint filed Feb. 18, the plaintiff — the U.S Securities and Exchange Commission —reiterated its stance that Ripple Labs, Christian Larsen and Brad Garlinghouse violated securities laws with the sale of XRP coins starting in 2013:

“From at least 2013 through the present, Defendants sold over 14.6 billion units of a digital asset security called ‘XRP,’ in return for cash or other consideration worth over $1.38 billion U.S. Dollars (‘USD’), to fund Ripple’s operations and enrich Larsen and Garlinghouse.”

We suggest that you check out the complete article posted by Cointelegraph in order to learn more details.

Ripple plans to expand institutional XRP liquidity in Asia

Not too long ago, it’s been revealed that the company said that it is looking for a manager for institutional markets who will play an instrumental role in the company’s efforts to expand its reach in the Asia-Pacific market.

“Assist the team with developing and managing relationships with market makers, brokers, exchanges, and other institutional market participants with a focus on the APAC region.”

More than that, the successful candidate will also take the lead in facilitating the institutional adoption of XRP in the region.

“This role will support and work closely with a team of financial professionals on the Institutional Markets team, responsible for managing and expanding XRP liquidity and utility,” according to the notes.

The announcement continues and reveals that “Ripple’s vision of an Internet of Value requires digital asset efficiency as well as a healthy crypto market, and robust liquidity is a core component of making that vision a reality.”

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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