By
Godfrey Benjamin
May 14th, 2024
According to the Twitter user @hlnoooo, Ripple’s Chief Technology Officer, David Schwartz, has been selling his XRP stack. This should be the biggest warning for the XRP community according to him.
A Twitter user operating under the name @hlnoooo, claimed that Ripple’s Chief Technology Officer, David Schwartz, has been selling his XRP stack.
This should be the biggest warning for the XRP community according to him. He also claimed that Schwartz wasn’t alone in all of this because another Ripple employee was selling his XRP over the last few days.
https://twitter.com/hlnoooo/status/1119532587536535552
He went on citing an old tweet by Schwartz, where the CTO spoke about the ‘de-risking strategy’ he came up with his wife during the previous bull run.
Schwartz’s tweet then said:
I hold some XRP that I bought on the open market over the years as well as other similar assets. When I first chose to put money in, I agreed on a de-risking strategy with my wife should we ever have too much at risk, which I've been following with some sadness.
— David "JoelKatz" Schwartz (@JoelKatz) January 16, 2018
@Hlnoooo has shared the wallets that have been moving these assets, both David Schwartz’s and Ripple’s Employee XRP Wallet.
Twitter user claims that these wallets started to move these digital asses at the time when the U.S. Securities and Exchange Commission (SEC) published the “Framework for Analysis of Digital Assets.”
https://twitter.com/hlnoooo/status/1119535246481993733
He actually shared one of the fragments of this framework saying:
“Most digital assets (among those existing as of now, in early 2019) will be classified as securities. Asset transferability and the managerial / development work done by core stakeholders will mean this.”
However, this can not be a true fact because the transactions took place over April 9-15, while SEC published the guide on April 3d.
While looking at Ripple’s year-to-date price action, it has been ranging between highs of $0.38 and lows of $0.28, with strong resistance at the former price level, and strong support at the latter.
The organization called XRP’s Army, and their prominent member Leonidas Hadjiloizou, on XRP Community blog commented that although the amount could be considered as small compared to the overall constant liquidation of token, there are still those who question the purpose of the sale. He said:
“The XRP circulating supply has increased from 40,794,121,066 on December 16th to 41,706,564,590 on March 17th. That is an increase of almost 1 billion XRP in 3 months and it is similar to last quarter’s increase.”
No matter how Ripple Labs is spending their funds, the important thing is the way of how XRP is doing in the market. That should be the best measure on whether or not the spending has been on point.
As of writing time, XRP is the third largest crypto by market cap with a total cap of almost $13.7 billion. The price hovers at $0.33 and has a 24-hour trading volume of almost $1 billion.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome “What is Ripple?” guide.