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01 March 2021

Ripple’s XRP sales suppressed coin price, amended court complaint alleges

Ripple’s XRP sales suppressed coin price, amended court complaint alleges


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The United States Securities and Exchange Commission has alleged that Ripple Labs executives Bradley Garlinghouse and Christian Larsen manipulated the XRP price by ramping up or slowing down their coin sales depending upon market conditions.

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:.

The filing alleges that Larsen and Garlinghouse then profited to the tune of $600 million from their unregistered sales of XRP.

Larsen and Garlinghouse agreed to reduce the rate of their XRP sales, but with Garlinghouse adding that he was “marginally inclined to be more aggressive when we do this.".

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