- XRP holders outraged as SWIFT partners with Chainlink, Ripple shaken.
- David Schwartz resigns, fueling doubts over XRP’s future direction.
- SEC shutdown threatens spot crypto ETF launches, market faces uncertainty.
XRP holders are facing one of the most tumultuous weeks in recent memory, as a series of developments has sent shockwaves through the cryptocurrency community. A combination of regulatory setbacks, major partnerships, and internal changes at Ripple have left XRP holders reeling and demanding answers.
One of the biggest blows came with the announcement of a new partnership between SWIFT, ConsenSys, and Chainlink, which aims to develop a blockchain-based ledger system for cross-border payments. This move has rattled the XRP community, as many saw XRP as a leading contender in facilitating cross-border transactions.
The collaboration between SWIFT and Chainlink appears to undermine XRP’s potential use case, creating widespread frustration among its supporters. As jfab.eth, a prominent X user, pointed out, “The $XRP army is FURIOUS” about this development, calling the partnership between SWIFT and Chainlink “their last straw.”
This frustration reached a fever pitch after Ripple’s Chief Technology Officer (CTO), David Schwartz, disclosed his eventual step down from the CTO position just two days following the announcement. His resignation only fueled speculations that Ripple’s direction was shifting away from the vision many XRP holders had hoped for.
Also Read: Analyst: The Real XRP Rally to Start When it Breaks This Line
Ripple’s Internal Shake-Up Adds Fuel to the Fire
The resignation of David Schwartz, a key figure at Ripple, has sparked intense discussions within the XRP community. His departure after the SWIFT-Chainlink announcement has left many wondering about Ripple’s future direction and whether the company’s focus is shifting away from XRP’s core utility.
With Schwartz being a crucial part of Ripple’s leadership, his exit has only amplified concerns that XRP could lose its dominant position in the cryptocurrency ecosystem.
Additionally, a potential government shutdown looms large, threatening to delay crucial regulatory approvals, including the launch of new crypto products like spot crypto ETFs.
According to a post by Nate Geraci on X, the SEC’s “Operations Plan Under a Lapse in Appropriations and Government Shutdown” outlines that the review and approval process for new financial products could grind to a halt if the government shuts down.
Geraci further noted that this could delay the launch of spot crypto ETFs, with the possibility that “ETF Cryptober might be on hold for a bit.” This has added to the uncertainty, as the approval of crypto ETFs was seen as a pivotal moment for institutional investment in the digital asset market.
The combination of these developments has left the XRP community in turmoil, grappling with the prospect of their asset losing its relevance in the evolving blockchain landscape.
The SWIFT-Chainlink partnership, coupled with Schwartz’s departure, has cast doubt on the future of XRP, while the potential shutdown of the SEC’s operations adds another layer of uncertainty to an already volatile market.
Also Read: Egrag Crypto: XRP Has to Hold These 3 Levels for 3 Days or Risk a Bull Trap
