Ripple CTO Regrets This Following XRP Lawsuit Ruling
David Schwartz, the vocal CTO of American blockchain payments firm Ripple Labs Inc has shared what appears to be his regret following the positive ruling over the status of XRP as was declared recently by Judge Analisa Torres.
Ripple CTO Bemoans Missing Out on COIN
As he told his more than 450.3k followers on Twitter, the first thing he ought to have done when he heard about the ruling was to buy the shares of publicly traded crypto trading behemoth, Coinbase Global Inc (COIN).
The first thing I should have done when I heard about the ruling was buy Coinbase stock.
— David "JoelKatz" Schwartz (@JoelKatz) July 14, 2023
While the Coinbase stock is currently paring off its gains with a 4% loss, it has outperformed its peers on Wall Street over the past few days. With more than 29% in the past 5 days, Coinbase saw a massive spike from July 13 to 14, coinciding with the time the XRP coin also soared to new highs.
Most stocks connected to the digital currency ecosystem recorded impressive leaps following the XRP ruling. MicroStrategy Incorporated, the business intelligence and software firm known for its massive holdings of Bitcoin (BTC) also printed an 18.95% over the past 5 days with the biggest jumps in the past 2 days.
The unique push in Coinbase’s stock stems from the realization that the firm stands to benefit from the XRP ruling, seeing it is currently being sued by the United States Securities and Exchange Commission (SEC) for its support of top altcoins it designated as investment contracts.
Schwartz and the Community Response
Rather than console him over the big miss on the Coinbase stock, the tweet from David Schwartz has generated a mixed reaction in the community. A Twitter user @mufcbacker warned the vocal Ripple executive to be careful so as not to get into trouble with his lawyers someday.
Schwartz acknowledged through a gif that should such trouble come, it will not be the first time. This comment echoes related trend from Elon Musk’s own online activity of which some of his tweets have fueled lawsuits and fines.
Many adduce Musk’s comments on stock and cryptocurrencies like Dogecoin (DOGE) to be market manipulation and the Twitter owner still has a pending legal battle involving some aggrieved DOGE investors
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