Usman Salis
Ripple's Brad Garlinghouse suggests the company might scale down its XRP cryptocurrency sales while addressing criticism about the company's large holdings.
XRP Sales Strategy May Change as Garlinghouse Responds to Critics
In a recent Bloomberg interview with Sonali Basak, Ripple CEO Brad Garlinghouse indicated that the company might reduce its XRP sales in the future. "You know, at some point, maybe we won't be selling as much," Garlinghouse stated, addressing ongoing criticism about Ripple's XRP holdings and sales practices.
The 53-year-old executive expressed frustration with contradictory criticisms directed at Ripple, noting, "But right now, frankly, we get criticized for owning too much, and then we're criticized for selling some." Garlinghouse also accused some Ripple detractors of spreading "falsehoods" about the company.
Current XRP Supply Dynamics and Ripple's Substantial Holdings
Garlinghouse described XRP as "slightly deflationary," pointing out that the total supply has decreased to 99.9 billion units. According to the CEO, Ripple currently owns 42% of the total XRP supply, representing a significant concentration of the cryptocurrency under the company's control.
Legal Relief for XRP as SEC Abandons Appeal Against Ripple
As previously reported by U.Today, the Securities and Exchange Commission (SEC) has moved to drop its appeal against Ripple. The appeal was originally filed in October when former Chair Gary Gensler was leading the agency. Garlinghouse expressed that this development has provided significant certainty for both Ripple as a company and for him personally.
Despite this positive development, Ripple has not yet withdrawn its cross-appeal against the SEC. Garlinghouse noted that the company is now in "the driver's seat" regarding the legal proceedings. "We gonna see. It feels a lot better to be on the offense than on the defense," he remarked during the Bloomberg interview.
Ripple USD (RLUSD) Aims for Top 5 Stablecoin Positions
During the same interview, Garlinghouse outlined ambitious goals for Ripple's stablecoin offering. He stated that the company aims to push Ripple USD (RLUSD) into the top 5 stablecoins by market capitalization before the end of the year. The CEO expressed confidence in dramatic growth within this cryptocurrency market sector.
The company's stablecoin efforts received a boost recently when LMAX Digital added Ripple USD (RLUSD) to its platform, as reported by U.Today. This integration represents an important step in expanding the reach and accessibility of Ripple's stablecoin product.
Garlinghouse's comments come at a time when Ripple is working to strengthen its position in the cryptocurrency industry following years of regulatory uncertainty. With the SEC's appeal abandoned, the company appears to be pivoting toward a more offensive strategy, focusing on growth opportunities like its stablecoin rather than primarily defending against regulatory challenges.
The potential reduction in XRP sales could impact the cryptocurrency's market dynamics, particularly given Ripple's substantial holdings representing 42% of the total supply. Market participants will likely monitor how any changes to Ripple's selling strategy might affect XRP's price and liquidity in the coming months.
Usman Salis
