All about Ripple CTO’s exit and the impact on XRP’s price
Can XRP's recovery extend itself as RLUSD eyes $800 million?
Key Takeaways
Why is Ripple’s CTO quitting?
He will remain with the team in an advisory role to have more time with his family.
How did XRP react?
XRP’s price slipped after the update, but it rallied soon after.
Ripple Labs is set for a key leadership reshuffle by the end of the year as current CTO David Schwartz will step away from his role. However, he will join the Ripple Board of Directors.
In a statement, Schwartz said he will continue to work on side projects and novel applications for the XRP Ledger.
“The last few months I’ve been tinkering on the side – spinning up my own XRPL node and publishing its output data, researching other use cases for XRP (besides what Ripple is focused on), and more.”
How did XRP’s price react?
He has been with Ripple for over 13 years and is part of the founding team of the XRP Ledger.
Surprisingly, Schwartz contributed to Bitcoin’s early days and was even mistaken for being Satoshi Nakamoto last year.
For his part, Ripple CEO Brad Garlinghouse hailed his illustrious impact on the XRP community as “legend.”
RLUSD eyes $800M – Will it boost XRP’s recovery odds?
In another development, Ripple’s stablecoin, RLUSD, expanded by nearly $50 million after last week’s BlackRock and VanEck partnership.
It has also expanded to African markets via stablecoin payment providers in the region.
Overall, RLUSD’s market cap is close to hitting $800 million – Underscoring strong growth for a stablecoin that debuted last December.
Meanwhile, XRP closed Tuesday’s trading session in the red, with a 1.2% price dip after Schwartz’s update. However, it soon shrugged off the loss and rallied by about 4% on Wednesday. This, after Bitcoin’s [BTC] spike on the back of the U.S government’s shutdown.
In fact, the altcoin has consolidated for three months on the charts. And, it could front a bullish breakout or capitulate over the next few days.
Market bulls might be ready for another run too. Especially since Binance’s top trader data showed they added 3% of long positions from 67% to 70% in the last three days.
