With Ripple Chief Technology Officer (CTO) David Schwartz announcing plans to resign, community members have begun to speculate what this could mean for the XRP price. This comes as XRP reclaims the psychological $3 level, providing a bullish outlook for the altcoin.
What Ripple CTO’s Resignation Means For The XRP Price
In an X post, community member unknowDLT said that it is no coincidence that the Ripple CTO is stepping down right before XRP ETFs and global ISO 20022 adoption. He added that Schwartz knows the liquidity flood will trigger a supply shock and push XRP’s price up as it becomes the backbone for settlements.
However, it is worth noting that the Ripple CTO stated that he will not be stepping down until the end of the year. As such, he is expected to still be in his role when this projected XRP price surge occurs. The XRP ETFs are expected to launch as early as this month, while the adoption of ISO 20022 could occur in November.
While unknowDLT believes that the XRP price is set to rally amid Ripple’s CTO departure, crypto pundit Bitlord has suggested that this is bearish for the altcoin. He stated that it was time to sell XRP, highlighting why the resignation was suspicious. The pundit further remarked that the market is at the stage where Ripple will begin to openly admit failure.
Resignation Comes Amid Increased Competition
Bitlord also noted that Schwartz’s announcement came at a critical time, when SWIFT announced plans to launch its blockchain ledger. The crypto pundit had declared that it was ironic that XRP was replaced overnight by the very thing it sought to replace. With SWIFT building its ledger, there is a belief that XRP may not be the foremost crypto for payment settlement, which is bearish for the XRP price.
He further explained that there is increased competition to look forward to and no clear answers from Ripple. In line with this, he remarked that the Ripple CTO stepping down to enjoy life and hobbies isn’t exactly bullish for the XRP price. The pundit also speculated that XRP can no longer dump successfully on retail, which is why Schwartz was joining Ripple’s board. He believes that this move is in preparation for an IPO.
Bitlor questioned what this would mean for XRP holders, adding that they would find out in the coming months. The XRP price has climbed above $3 amid the speculations about what the Ripple CTO’s resignation could mean for the altcoin. It is also worth noting that the altcoin showed little reaction on the day Schwartz announced plans to resign.
At the time of writing, the XRP price is trading at $3.02, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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