The CEO of Ripple Labs Inc. Brad Garlinghouse has responded to the claim that some enthusiasts of XRP are planning to hard fork the currency due to some unsubstantial facts, saying XRP can be hard-forked by anyone if they choose to do so.
Garlinghouse made the proclamation during Firstmove, a CNN program, stating that any open source technologies can be hardforked.
Brad said Bitcoin had been forked a number of times, the same with Bitcoin Cash, Bitcoin SV, Bitcoin Diamond amongst others.
Brad said the primary Bitcoin has remained the most notable, adding that, in the same way, people can fork XRP open source technology, if they choose to do so.
Ripple Owns the Largest XRP Token
Speaking on Day 4 of CryptoCrazy week on CNN’s First Move anchored by Julia Chatterley, Brad Garlinghouse said XRP is like a Bitcoin, the third most valuable digital asset. He said Ripple takes a transaction between banks without any dormant fund siting in any bank account.
When asked about the ownership of XRP and Ripple’s control over the price of the token, the CEO said Ripple owns the largest share of the token, and it is the most concerned entity about the success of XRP.
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) September 12, 2019
He said they are focused on seeing the growth of other players’ ecosystem as they invest in the use cases of XRP. Companies like Coil which partnered Ripple are going to use XRP for micropayment transactions, he argued.
Ripple Has No Influence on XRP Price
The CEO said the accusations that Ripple is dumping XRP price is totally wrong because the company does not have influence over the price of the token.
He added that it is not in their best interest to dump the price of XPP and they will never do so. Although coins with small market cap are at the risk of being manipulated by people, Ripple cannot control the price of XRP more than the way whales can control the price of BTC the CEO affirmed.
When asked what price Ripple sell XRP to financial institutions, Brad made MoneyGram as an example, saying the firm buys at market value when moving funds from Dollars to Mexican Pexos, affirming that there is no special deal.
He said when institutional investors buy XRP, Ripple has lockups to prevent them from dumping the fund on the market.
When Garlinghouse was questioned on whether Ripple sells at a cheaper price to institutional investors but prevent them from selling may be 6 months after, Brad said “correct”, confirming that the firm prevents institutional investors from selling immediately.
XRP’s DIfferent from Other Cryptos
Mentioning Monero’s anonymity and Facebook’s desire to get regulatory approval, Ripple CEO said regulators should not paint the cryptocurrency space with a broad brush as there are projects with outstanding use cases.
Explaining, Brad said Ripple allows banks to tap into XRP liquidity linked to different fiats. He said XRP is scalable in contrast to how Bitcoin works.
Speaking from a consumer point of view, he said a consumer does not actually see how the funds move, but see a better product and a better price, adding that XRP is really good for MoneyGram.
Over 200 Banks Using Ripple
Brad mentioned that over 200 banks are using Ripple with some of them using XRP. He Said MoneyGram is using XRP for moving funds.
The Interview, which was earlier slated for Wednesday was held today. With the anchor tendering apology for not holding the program yesterday, Julia said the interview will hold the following day at 9.30am ET.
Ripple’s partnership with MoneyGram has been one of the most discussed issue in the financial world today.
In June, Ripple announced a partnership with MoneyGram. The San Francisco firm is to invest around $50 million in MoneyGram in total.
At first, Ripple invested $30 million in purchasing MoneyGram shares at a premium of $4.10 per share. Also, within a span of 2 years, the blockchain firm has the advantage of buying more MoneyGram shares worth $20 million.
The partnership is to open XRP to wider usage as MoneyGram will be exploring Ripple’s xRapid, a remittance tool making use of XRP token.
Immediately after the partnership announcement, MoneyGram stated it started making use of xRapid for global remittance.
Since the collaboration, however, MoneyGram shares have surged magnificently, at the same time, the volume of XRP’s pair with Mexican peso also rose, surprisingly.