- Edo Farina claims the IMF has already set XRP’s price in the thousands.
- Farina’s statements have sparked debate in the XRP community about the IMF’s role in crypto pricing.
- Ripple continues to face legal difficulties while XRP’s role in cross-border payments grows.
Leader of the XRP community Edo Farina recently stated that the price of the coin has already been established in the thousands by the International Monetary Fund . The bitcoin community has been very interested in this audacious statement and has many questions about it.
Farina’s Claim: IMF Sets XRP Price
According to Farina, the value of XRP has been established by the IMF and is in the thousands. He implied that the price of XRP was determined a long time ago by drawing a comparison between this and the official gold price, which is set twice a day. However, the IMF has not publicly confirmed any involvement in setting cryptocurrency prices, leaving this claim unverified.
These assertions reportedly come from a friend of financial expert Linda P. Jones. According to Farina, this friend claimed that the IMF and central banks agreed on XRP’s price years ago. Yet, without concrete evidence, this claim remains speculative.
Controversy in the XRP Community
The video mentioning an unnamed Central Bank of Australia employee has sparked debate. Farina stated that this individual claimed the IMF and central banks had set XRP’s price. However, some community members questioned the validity of this claim since Linda P. Jones denied any knowledge of these statements.
Price fixing in the digital asset world has been a topic of contention for years. Experts argue that it is impossible to set a predetermined price for XRP or any crypto. The IMF also lacks the power to control prices for individual assets, focusing more on national reserves and exchange rates.
Ripple’s Role in Crypto
The firm uses the digital coins to facilitate fast liquidity in cross-border negotiations. XRP acts as a “bridge asset,” allowing securities to bridge transfers between different fiat currencies through its network. This displays XRP’s role in the monetary world despite the ongoing legal challenges Ripple faces.
The coin has been under investigation from the U.S. Securities and Exchange Commission over charges of market manipulation. As of May 2024, XRP was not included in Ripple’s new product, Liquidity Hub, likely due to ongoing legal issues. Still, it remains dedicated to using XRP in various financial services.
Ripple’s Role in Virtual Cash
Ripple, the business behind XRP, uses the crypto to facilitate fast liquidity in cross-border deals. XRP acts as a “bridge asset,” allowing financial institutions to bridge transfers between different fiat currencies through Ripple’s network. This showcases XRP’s role in the financial sector despite the ongoing legal hardships it faces.
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