Ripple CTO David Schwartz has noted that the Axios rumor makes neither technical nor economic sense and CEO Brad Garlinghouse has called the the Axios rumor “snake oil” and “a blatant attempt at market manipulation,”.
The dubious rumor emerged Tuesday morning on a news website called Axios. Dan Primack, who authored the relevant article, reported that a project called Valor has plans to buy “tens of millions of dollars” worth of XRP in order to drive down the coin’s price. After that, Valor apparently plans to fork the Valor blockchain from Ripple, airdrop new Valor tokens, and incentivize XRP holders to buy those tokens—a plan that does not add up, according to experts. The business aspect also has several red flags: Vishnal Harpalani, the entrepreneur who is supposedly behind Valor, hasn’t made any public statements about the project. Furthermore, Valor itself doesn’t have an online presence and is not listed on Harpalani’s venture site, despite the fact that it has reportedly existed since 2017.