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According to Twitter user @hlnoooo, Ripple’s CTO David Schwartz has recently begun selling his XRP. The Twitter user goes on to say that this “is the biggest warning sign one could ever get.”
Warning to all $XRP holders.
— Hlnoooo (@hlnoooo) April 20, 2019
Ripple CTO @JoelKatz recently selling his $XRP stack is the biggest warning sign one could ever get. This is the most bearish sign for $XRP I have ever witnessed since beginning of '17.https://t.co/aHqeaLbxv8
I recommend everyone to get OUT NOW
He goes on to say that Schwartz isn’t the only one selling their XRP reserves because another Ripple employee had been selling their XRP over the last few days.
@hlnoooo cites an old tweet by Schwartz, where the CTO spoke about the “de-risking strategy” he and his wife came up with during the last bull run:
I hold some XRP that I bought on the open market over the years as well as other similar assets. When I first chose to put money in, I agreed on a de-risking strategy with my wife should we ever have too much at risk, which I've been following with some sadness.
— David Schwartz (@JoelKatz) January 16, 2018
The Twitter user claims that the funds in these wallets began to move shortly after the US Securities and Exchange Commission (SEC) published its “Framework for Analysis of Digital Assets.”
It all started after the SEC published its "Framework for Analysis of Digital Assets"
— Hlnoooo (@hlnoooo) April 20, 2019
GTFO.
Lot of money to be made in other projects. Accumulate $BTC and thank me later.
Regarding the SEC framework.https://t.co/gvXoTlPSud pic.twitter.com/Xq7LAEL4a8
— Hlnoooo (@hlnoooo) April 21, 2019
It’s important to note, however, that the transactions began from April 9 – 15, whereas the SEC published its guide on April 3.
A prominent member of the XRP Army, Leonidas Hadjiloizou commented on the XRP Community Blog that while the amount may be considered as small compared to the total circulating supply, there are a few who questions the purpose of the sale:
“The XRP circulating supply has increased from 40,794,121,066 on December 16th to 41,706,564,590 on March 17th. That is an increase of almost 1 billion XRP in 3 months and it is similar to last quarter’s increase.”
At the time of writing, XRP is trading at $0.325, up 0.52% over the last 24 hours.
Chart provided by Tradingview