Ripple's CTO David Schwartz allegedly begins selling his XRP

23 Apr, 2019 | Updated: 23 Apr, 2019
by Richard Allen
Ripple's CTO David Schwartz allegedly begins selling his XRP

According to Twitter user @hlnoooo, Ripple’s CTO David Schwartz has recently begun selling his XRP. The Twitter user goes on to say that this “is the biggest warning sign one could ever get.”

He goes on to say that Schwartz isn’t the only one selling their XRP reserves because another Ripple employee had been selling their XRP over the last few days.

@hlnoooo cites an old tweet by Schwartz, where the CTO spoke about the “de-risking strategy” he and his wife came up with during the last bull run:

The Twitter user claims that the funds in these wallets began to move shortly after the US Securities and Exchange Commission (SEC) published its “Framework for Analysis of Digital Assets.”

It’s important to note, however, that the transactions began from April 9 – 15, whereas the SEC published its guide on April 3.

A prominent member of the XRP Army, Leonidas Hadjiloizou commented on the XRP Community Blog that while the amount may be considered as small compared to the total circulating supply, there are a few who questions the purpose of the sale:

“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.”

At the time of writing, XRP is trading at $0.325, up 0.52% over the last 24 hours.

Chart provided by Tradingview

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