CTO of Ripple David Schwartz defends XRP

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Ripple has been in the news over the last few months as the company continues to deal in large amounts of XRP. Previously CEO of Ripple in a series of tweets justified the sales of XRP and also commented on the ongoing class-action lawsuit.

This time CTO of Ripple David Schwartz responded to a tweet advising Ripple to stay away from XRP by saying, “I’m afraid we’re going to massively disappoint you.” Last week Ripple transferred 100 million XRP into its former CTO, Jed McCaleb’s account.

Ripple has been infamous among the crypto community for selling large amounts of XRP into the market for its benefits, which causes the price of the cryptocurrency to retract. Earlier Ripple CEO clarified that XRP sales are there to increase the utility of cryptocurrency.

Unlike other cryptocurrencies XRP is pre-mined, and Ripple has control over the majority of it. Last year some of the investors filed the class-action lawsuit against the company alleging company sold unregistered securities.

Last week David Schwartz responded to a tweet by a username Vandaley BTC industries who said to David that “You’re a smart a guy why work for scammers” referring to Ripple and XRP. David replied by saying that he fell in love with bitcoin because he didn’t want to work for inferior core tech propped by who sit back and get rich from the work of others.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

1 comment

  1. “I fell in love with bitcoin because I don’t want to work around inferior core tech propped by those who hope to sit back and get rich from the work of others.”
    But it’s just fine to milk those folks for the years of development cash needed to make you rich? Well at least he’s being honest. Too bad 99% of the xrp army will go broke before realizing that they mean nothing at all to Ripple.

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