Ripple's CTO David Schwartz Steps Down as XRP Price Rallies
Ripple's long-serving CTO, David Schwartz, is stepping down from his role by the end of the year. The news initially caused a ripple in XRP's price but it quickly recovered, even pushing closer to the $3 mark. Meanwhile, Ripple's stablecoin, RLUSD, has seen significant growth.
David Schwartz, a founding member of the XRP Ledger, will continue to contribute to the project in an advisory role and join Ripple's Board of Directors. He has been with Ripple for over 13 years and played a crucial part in its development. Despite his departure, investors see this leadership change as a positive move, especially during the competitive crypto payments sector.
XRP has been consolidating for three months, and its future could see a bullish breakout or capitulation. Recent data from Binance shows an increase in long positions for XRP, indicating potential market bullishness. This positive sentiment aligns with the price rally following Schwartz's announcement.
Ripple's stablecoin, RLUSD, has experienced remarkable growth. Its market cap is nearing $800 million, a significant milestone for a stablecoin launched just last December. This growth can be attributed to a recent partnership with BlackRock and VanEck, which expanded RLUSD by nearly $50 million.
David Schwartz's departure from Ripple has not dampened investors' spirits, with XRP's price rallying and long positions increasing. Meanwhile, Ripple's stablecoin, RLUSD, continues to grow, demonstrating the company's resilience and potential for future growth.
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