TLDR
- David Schwartz, Ripple’s Chief Technology Officer, announces his resignation after over 13 years with the company.
- Schwartz will remain on Ripple’s Board of Directors as CTO Emeritus and continue working on XRP-related projects.
- His resignation has led to concerns within the XRP community about Ripple’s future and potential challenges.
- XRP investors, including Bitlord, express disappointment over the token’s stagnant price and lack of life-changing returns.
- SWIFT’s recent blockchain integration has raised doubts about XRP’s ability to replace SWIFT’s global payment system.
Ripple’s Chief Technology Officer, David Schwartz, has announced his resignation after more than 13 years with the company. Schwartz will step down from his day-to-day duties at the end of this year. Despite his departure, he will continue to serve on Ripple’s Board of Directors as CTO Emeritus.
Schwartz’s decision to leave Ripple marks a significant shift for both him and the company. He reflected on his long career in blockchain, noting his involvement in co-creating the XRP Ledger. Schwartz expressed his desire to spend more time with family and pursue personal hobbies while remaining connected to XRP-related projects.
His resignation has already sparked concerns within the XRP community. Some investors worry that this departure signals uncertainty about Ripple’s future, especially as the company faces increasing competition.
XRP’s Price Struggles Lead to Disappointment Among Investors
The resignation of Schwartz coincides with growing discontent from XRP investors. Many of them have been holding onto XRP for years, waiting for its value to rise significantly. However, XRP’s price has remained stagnant despite occasional surges, leading to frustration.
Prominent XRP supporter Bitlord, who once urged people to buy XRP “for the love of God,” has expressed his dissatisfaction. He recently announced that he would “sell every last cent” if XRP dropped back to $2. This move highlights the growing discontent in the community, especially from those who have held XRP for a decade.
https://x.com/crypto_bitlord7/status/1973112428864086254
As XRP’s price struggles to achieve life-changing gains, many investors question its future. The ongoing price stagnation has led to doubts about whether the digital asset can ever reach its full potential.
Ripple Faces Increased Competition as SWIFT Advances
Ripple has long positioned XRP as a potential replacement for SWIFT’s global payment system. However, SWIFT’s recent announcement about a blockchain-based shared ledger has challenged that narrative. Ripple’s original pitch for XRP as a “SWIFT killer” now faces increasing doubts due to SWIFT’s own blockchain integration.
Ripple had hoped to dominate cross-border payments, but financial institutions are more inclined to upgrade their existing systems. As a result, XRP’s adoption as a preferred payment solution may be in jeopardy. This shift in the industry further weakens Ripple’s market position.
Despite these challenges, Schwartz has made it clear that his departure is a personal decision. He remains committed to exploring new use cases for the XRP Ledger and continuing his work in the blockchain space.
