Edo Farina (@edward_farina), a prominent figure in the XRP community, has gotten the community’s attention with a recent video. In the video, he mentioned claims that the International Monetary Fund (IMF) has predetermined the price of XRP.
These statements are attributed to a friend of Linda P. Jones, a financial expert, author, and Wall Street Veteran. However, it’s crucial to approach these statements cautiously due to the lack of concrete evidence and the complexities surrounding global financial institutions and cryptocurrency regulation.
“The $XRP price has been already set by the IMF and it's in the thousands.”
The official price of gold is set twice a day: at 10:30am and 3pm GMT.
This is called “Gold Fixing” and is decided by the LBMA.
— EDO FARINA 🅧 XRP (@edward_farina) February 6, 2024
“The $XRP price has been already set by the IMF and it’s in the thousands.” This was Farina’s first statement. The IMF, through its various publications and pronouncements, has acknowledged cryptocurrencies but hasn’t indicated involvement in setting their prices. He went on to explain how the official gold price is set twice a day and how it is likely that XRP’s price was set a long time ago.
The video mentioned an unnamed friend of Linda P. Jones, who claimed the IMF and central banks “agreed upon a price” for XRP “in the thousands” years ago. According to Farina, the person who made the claims works at the Central Bank of Australia.
However, some in the comments pointed out that Jones had previously denied knowledge of these statements or this mysterious employee of the Central Bank of Australia. XRP price fixing has been a point of contention for a long time, and experts have weighed in, saying that XRP’s price cannot be set.
The IMF also does not hold direct authority over individual asset prices, including cryptocurrencies. It primarily focuses on national currencies and exchange rates.
Central Banks and Cryptocurrencies
Central banks are responsible for monetary policy within their respective jurisdictions. While some central banks are exploring Central Bank Digital Currencies (CBDCs), these initiatives differ significantly from private cryptocurrencies like XRP. CBDCs would be sovereign-backed digital currencies, not intended to replace existing cryptocurrencies.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Current Status of XRP
The price of XRP, like other cryptocurrencies, fluctuates based on market forces like supply, demand, and investor sentiment. As of February 7, 2024, XRP is trading at $0.5022, significantly lower than the “thousands” suggested in the claims.
As a CBDC bridge asset, some argue that XRP could reach $10,000. However, this is different from price fixing, as the factors determining an asset’s price go beyond the desire of a single organization.