XRP News Today: Ripple CTO Denies XRP ICO Claims Amid Price Volatility and ETF Speculation

Ripple CTO David Schwartz has responded to recent allegations that XRP was launched through an unregistered initial coin offering (ICO), specifically addressing claims made by former Ripple employee and Custodia Bank CEO Caitlin Long [1]. In a public statement, Schwartz clarified that XRP was never issued through an ICO and emphasized that the entire 100 billion XRP supply was placed into the Genesis ledger at the time of the network’s launch. He invited Long to engage in a direct dialogue to address the misunderstandings, underscoring Ripple’s commitment to transparency and regulatory compliance [1].

Long had previously argued that Ripple’s XRP differs from Bitcoin and Ethereum in that it was distributed in a manner that resembled a traditional ICO, and she has criticized Ripple for its lack of progress in displacing legacy financial infrastructure like SWIFT [1]. In response, XRP advocate and XRP Cafe founder Vet reinforced the claim that XRP’s initial price was zero and that the token’s launch was not an offering to investors. Vet also defended the XRP Ledger’s decentralization, noting that over 1,000 nodes and more than 100 validators are currently active on the network [1].

Despite these clarifications, XRP’s price remains under pressure, trading near the $3.00 level [3]. Market observers have noted that the token’s on-chain activity is showing signs of uncertainty, with some whale accounts engaging in selling patterns similar to those seen before previous price corrections [2]. The bulls are currently eyeing the $2.90 support level, which has so far held firm [3]. A breakout above $3.40 could signal a potential recovery, but any failure to maintain the $3.00 threshold could trigger renewed bearish pressure.

The broader institutional interest in XRP appears to be growing. Reports indicate that major financial firms, including BlackRock, are considering XRP for potential ETF inclusion [4], while Japanese firm SBI Holdings has recently filed for new crypto ETFs that include XRP [5]. These developments suggest increasing recognition of XRP’s potential as a financial asset, though regulatory uncertainties and market volatility continue to present challenges for short-term price stability.

Pro-Ripple legal representatives have also pushed back against allegations of excessive lobbying. One XRP lawyer, Bill Morgan, highlighted Ripple’s strong financial position, noting that the company holds over $100 billion in escrow and can release up to $3 billion in XRP per month [1]. This financial flexibility is seen as a contrast to the capital constraints faced by Custodia Bank, according to critics.

As the debate over XRP’s status continues, investors are advised to closely monitor both price action and key regulatory updates, which remain pivotal in shaping the token’s future trajectory.