Connect with us


XRP: Santander apologizes for misinformation regarding usage of XRP for international transfers




XRP: Santander apologizes for misinformation regarding usage of XRP for international transfers
Source: Unsplash

Santander, a Ripple partner and leading retail and commercial bank headquartered in Spain, apologized in a tweet about misinformation regarding the use of XRP for international payments and corrected their statement hours after the incident.

A Twitter user Wes G [@wesgranger] tweeted:

“Hi all how is Santander getting on with using XRP for payments ?”

Santander replied saying that they were using XRP for international payments.

Santander’s tweet sent the XRP fans into a frenzy as they ‘found proof’ that Santander was using xRapid for international transfers.

This development was important as the XRP community believed that xRapid and xCurrent 4.0 [which also uses XRP] would push the price of XRP higher. This has been the long-standing belief of a lot of people in the XRP community.

xRapid is a payment solution developed by Ripple that leverages XRP to source liquidity and allows payments to flow without friction across the borders. Ripple partnered with more than 250 partners, including banks and other financial institutions, in order to bring them onto a single network called RippleNet.

There were a few who weren’t sure about the rumor and said that if XRP was actually being used by Santander, there would be a huge volume on the XRP Ledger.

However, Santander corrected their statement a few hours later via a tweet that read:

“We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only.”

This was the second rumor that the XRP community braced with after misinformation about the Cobalt update was put to rest by the lead scientist at Coil, who is also the main man behind the update.

@stefanhash, a Twitter user commented:

“Well #xcurrent has #xrapid integrated ! They didn’t mistake , they just realize they give inside informacion !”

@francovgaete, another Twitter user commented:

“kind of relief.. if volume and prices are like this even with them using #xrp to move money to over 18 countries, then something was very wrong…. phew!!”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Ripple’s David Schwartz gets called out for selling his XRP; user brands it ‘biggest warning sign’ for XRP hodlers

Namrata Shukla



Ripple's David Schwartz called out for selling his XRP; user brands it 'biggest warning sign' for XRP hodlers
Source: Pixabay

The cryptocurrency market saw most major coins fall considerably on April 21 as Bitcoin [BTC], the world’s largest cryptocurrency, registered a dip in prices. XRP, the third largest cryptocurrency on CoinMarketCap, also faced the brunt of BTC’s dip. XRP’s bear market has contributed to many XRP enthusiasts doubting their position. This was reflected in a tweet by a Twitter user, claiming to have seen the ‘biggest warning sign’ for XRP hodlers.

Twitter user @hlnoooo tweeted,

“Warning to all $XRP holders.
Ripple CTO @JoelKatz recently selling his $XRP stack is the biggest warning sign one could ever get. This is the most bearish sign for $XRP I have ever witnessed since beginning of ’17.”

The user further attached a warning for all crypto users, asking them to “get out now.”

Apart from Ripple’s CTO, David Schwartz, selling his XRP, the user observed a similar trading behaviour with another “Ripple employee,” who was also selling his/her XRP over the past few days. The SEC’s ‘Framework for Analysis of Digital Assets,’ hinting at a possibility of XRP being termed as a security in the long-term was speculated to be the reason behind the sale of these XRPs.

The user also cited 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 read,

“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.”

The user took this as an indication of the risk associated with owning XRP. He further stated that the bear market, coupled with the news of the CTO selling a part of his XRP was worrisome and bearish for the community.

However, Schwartz was quick to clarify his position and stated that he was still following the ‘de-risking strategy.’ He added,

“What helped me not to be so sad selling during the bull run was thinking how happy I’d be if I regretted my decision, but it still hurt.”

Schwartz’s informed @hlnoooo that a majority of his liquid assets was still XRP and that a majority of “illiquid assets was still Ripple stock.” He claimed to be deep in the game whether he “wanted to or not.” The CTO also spoke about the amount of risk he and his wife were in and the realization they had about how there was nothing to be done fundamentally. He concluded by saying,

“All my eggs are in one basket, but I do like the basket.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading