Ripple’s chief technology officer, David Schwartz, addressed the rumors that he liquidated his XRP holdings in a recent post on the X micro-blogging site.
Schwartz set the record straight after one anonymous user on X claimed the executive’s SEC statements showed that he sold billions of XRP to buy Ethereum (ETH) and Bitcoin (BTC).
Ripple CTO Reveals Information About His Crypto Holdings
David Schwartz, one of the original architects of the XRP Ledger, has disclosed how much XRP he owns in a recent conversation on X. Schwartz indicated that he held roughly 26 million XRP at the peak of his holdings.
He further clarified that contrary to rumors, he has never sold XRP and used the proceeds to acquire other cryptocurrencies. Schwartz, however, admits to offloading small amounts of XRP for some “unusual” purposes.
He further explained that while he previously liquidated some Bitcoin (BTC), it was to purchase more XRP and ether and not to diversify into other crypto assets.
“There were times when it was difficult to sell XRP for USD directly. During those times, I would trade XRP for BTC and then sell the BTC for USD. I believe I permanently stopped accumulating BTC before XRP even existed, but I’m not 100% sure,” Schwartz added.
This revelation is noteworthy as it shows Schwartz’s conviction in XRP despite extreme price volatility and the long-drawn-out Ripple vs SEC courtroom drama. His decision to convert BTC into XRP and Ethereum further highlights his confidence in these crypto assets’ real-world utility and long-term potential.
XRP has gained 4.30% of its value in the last 24 hours to trade for $0.51 amid global economic uncertainty.
In more bullish news, SBI Group is set to become the first Japanese corporation to leverage XRP Ledger (XRPL) blockchain supply chain solutions. Ripple aims to extend enterprise blockchain solution use cases to Japan after entering into a strategic partnership with Tokyo-based consulting firm HashKey DX.
