David Schwartz, Ripple’s Chief Technology Officer (CTO), has clarified his position on XRP in a recent remark on X (previously Twitter), putting an end to speculation over his cryptocurrency holdings.
Schwartz made this clarification after an X user claimed he sold billions of XRP to acquire ETH and BTC, adding that the proof was in his SEC statements.
In a move to dispel rumors and provide transparency in the cryptocurrency community, Schwartz disclosed the details of his XRP holdings and his investment history.
Schwartz revealed that at the peak of his holdings, he possessed approximately 26 million XRP, and that, contrary to rumors, he has never sold XRP to buy other cryptocurrencies, except possibly selling small amounts of XRP for some “unusual” purposes.
He further explained that while he did sell some Bitcoin (BTC) holdings in the past, it was to acquire more XRP and Ethereum (ETH), not to diversify into other digital assets.
“Me? At my peak holdings, I had about 26 million XRP. I sold BTC to buy XRP and ETH. I don’t think I’ve ever sold XRP to buy another crypto, except maybe small amounts for some unusual purpose,” Schwartz responded.
Me? At my peak holding, I had about 26 million XRP. I sold BTC to buy XRP and ETH. I don’t think I’ve ever sold XRP to buy another crypto except maybe small amounts for some unusual purpose.
— David “JoelKatz” Schwartz (@JoelKatz) April 29, 2024
This statement is significant as it demonstrates Schwartz’s long-term confidence in XRP, despite price volatility and the Ripple-SEC legal battle. His decision to convert BTC into XRP and ETH underscores his belief in the utility and potential of these cryptocurrencies.
Particularly, Schwartz’s disclosure regarding his XRP holdings puts an end to the ongoing speculation on XRP sales.
At the time of writing, XRP was down 1.79% in the last 24 hours to $0.496.
In positive news, SBI Group will become the first Japanese corporation to use XRP Ledger (XRPL) blockchain supply chain solutions as Ripple enters a strategic partnership with Tokyo-based consulting firm HashKey DX.
