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Key Takeaways from Ripple (XRP) CEO’s Interview with CNN
September 13  |  3 min read

Key Takeaways from Ripple CEO’s Interview with CNN

The COIN360 Editorial Team

Ripple CEO Brad Garlinghouse answered to the recent accusations levelled at his company of dumping XRP and the threats made by token holders of taking Ripple over via hard fork in an interview with CNN. In his words, the Ripple team not only “would never do that” (dump the coin), but he also claimed that the company is still “the most interested party in the success of (the) XRP ecosystem.”

In response to the token holders, Garlinghouse started by pointing out that the technology is open-source; therefore, anyone is free to fork the currency. He noted that the numerous forks of Bitcoin have only strengthened the core coin.

Regarding the dumping accusations, he insisted that XRP sales are in the best interest of the ecosystem as they help to expand the utility of the coin. According to Garlinghouse, “the long term value of any digital asset will be derived from the utility it delivers.”

Garlinghouse said that he is a Bitcoin hodler as the “digital gold” has proven to be a reliable store of value, meanwhile, he is still convinced that XRP has greater potential as a means of payment and can serve to remedy certain problems plaguing the banking industry:

"I am long on Bitcoin, and Bitcoin, I think, has a real utility around being a store of value, it is digital gold. But if a BTC transaction takes on average 12 minutes to confirm and the cost is over $1 per transaction, that is not going to be great as a payment solution. So around payments, we think XRP is uniquely and extremely well positioned to solve that payment problem.”

To back up his position he highlighted that, in contrast with corresponding banking, XRP allows transacting value without pre-funding. Averaging 3 seconds per transaction, Ripple helps to move liquidity around the world almost in real-time. According to Garlinghouse, more than 200 banks are already using certain XRP solutions:

“So we are seeing more momentum than we have ever had around using XRP to move this liquidity around the world. We could not really be happier how that has played out... This is a real use case solving a real problem for real customers”

Wrapping things up, Garlinghouse claimed that in reality, “nobody is in a position to manipulate XRP price” since it has a lot of owners. Moreover, most of the coins are locked up, so even if they wanted to manipulate the price, they “cannot touch it.” Despite the fact that Ripple owns a substantial share of the coins, Garlinghouse claims its influence is limited to market norms:

“Ripple can’t control the price of XRP anymore than a whale controls the price of Bitcoin.”