and indeed it has - a truly ludicrous price based on nothing.
Ripple is smart. The gang behind it owns most of the coins in existence. All they did is create hype around their project where people now believe that institutions will use it as settlement layer. In the background, Ripple has sold billions of coins to otc buyers. If that isn't a smart way to unload your bags without immediately crashing the market like outright scams do, I don't know what is.
The scheme ends when all their reserves are sold out. Currently they have 50 billion to unload still.