- XRP’s price drops as Ripple announces CTO David Schwartz’s departure.
- Whale activity and liquidations intensify market volatility amid Ripple leadership change.
- XRP’s future uncertain as Schwartz steps back, causing price plunge.
XRP saw a sharp decline in price after David Schwartz, Ripple’s Chief Technology Officer (CTO), announced he would be stepping down from his daily responsibilities as CTO at the company by the end of 2025.
The news resulted in a 0.66% dip, bringing XRP’s price down to $2.85, signaling a shift in market sentiment and investor uncertainty regarding Ripple’s future leadership.
Schwartz, who has been a key architect of the XRP Ledger and Ripple’s success, assured the community that while he would no longer handle daily operations, he would remain engaged as CTO Emeritus and a member of Ripple’s Board of Directors.
However, his announcement did little to reassure the market in the short term, with the cryptocurrency seeing a price decline amid the leadership change.
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Whale Activity and Liquidations Drive Market Volatility
The price plunge was compounded by significant whale activity and large liquidations. According to CoinGlass, $59.92 million in XRP positions were liquidated within 24 hours following the news.
A staggering $56.99 million came from short liquidations, indicating that many traders, including whales, were betting against XRP’s price movement. Only $2.93 million of the liquidations were from long positions, further showing the dominance of short sellers.
Source: Coinglass
Adding to the uncertainty, Whale Alert tracked major movements of XRP between unknown wallets, including transfers of over 43 million XRP worth approximately $123 million. Such large-scale transactions by whale accounts often contribute to market volatility and signal possible attempts to influence XRP’s price.
The price fell from $2.90 to $2.85, reflecting the combined impact of both Schwartz’s departure and the heightened whale activity.
Ripple’s Future Amid Short-Term Volatility
Although XRP has faced price challenges, Ripple’s long-term strategy remains focused on innovation within the financial services sector. Schwartz’s transition from his CTO role, while noteworthy, does not signal an end to his involvement with Ripple.
He has committed to staying active in the community and contributing to Ripple’s future growth, particularly through his role on the Board of Directors.
Despite the short-term volatility, the long-term outlook for Ripple and XRP continues to rest on the continued development of the XRP Ledger and the company’s evolving position in the global financial ecosystem.
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