Bitrabo Editorial
Ripple’s Chief Technology Officer, David Schwartz, has addressed rumors circulating that the company might be moving away from its association with the XRP token. These rumors have the potential to negatively affect the token’s value, as XRP has been central to Ripple’s operations.
Clarification on Ripple’s Stance
Schwartz clarified on an X post that Ripple had no plans to abandon XRP, contrary to what was suggested by a cover photo that triggered the speculation. The misunderstanding arose when a user posted Schwartz’s cover photo on the platform, hinting at Ripple parting ways with XRP due to alleged corruption in the financial sector hindering their payment services goals.
However, Schwartz explained that these lines were from a fictional pitch for a movie and did not reflect reality. Although Ripple is facing legal challenges from the Securities and Exchange Commission (SEC), which could have led to regulatory scrutiny, Schwartz emphasized that there were no immediate plans to abandon XRP.
His prompt clarification has helped reassure the XRP community amid concerns about Ripple’s commitment to the token, especially considering its significant holdings of XRP. There were fears that Ripple might flood the market with XRP if it decided to move away from the token.
XRP Integral to Ripple’s Long-Term Vision
Ripple’s President, Monica Long, reiterated in an interview with CNBC that XRP remains a fundamental part of the company’s long-term strategy. She emphasized that despite preparations to launch a stablecoin, XRP would continue to be utilized in Ripple’s operations.
Long highlighted XRP’s role as a bridge asset for various currency pairs and its significance in providing liquidity as Ripple tokenizes more assets on its platform. She stressed that XRP serves a unique purpose and plays a vital role in the company’s payment services by facilitating cross-border transactions.