Ripple CTO Comments on Recent Crypto Market Collapse

U.Today - David Schwartz, the chief technology officer at the Ripple blockchain behemoth and one of the XRP Ledger creators, has taken to his official account on the X social media platform to share his take on the crash that recently shook both traditional financial markets and cryptocurrency ones as well.

He intrigued the XRP community with his tweet, thus generating multiple comments.

Ripple CTO's comment on market collapseDavid Schwartz issued a comment that has both intrigued the XRP army and entertained it, referring to a warning allegedly given to him by his mother when he was a child. Obviously, the tweet was meant to be a joke, as it often happens when Schwartz uses his X account.

In the aforementioned post, he wrote: “It's times like this when the market is crashing and everyone is panicking that I wish I had listened to what my mother told me as a child.” When asked by many commentators what it was that Schwartz’s mother told him, the Ripple top executive responded: “I don't know! I didn't listen.”

Markets begin to rebound after recent crashOver the past 24 hours, the world’s flagship digital currency, Bitcoin , has succeeded in recovering by 12.6% and regained the $56,000 level after collapsing by more than 18% since Sunday.

Overall, Bitcoin began the gradual decline as early as Monday, July 29. Between that date and Monday this week, BTC crashed by 28.70%, kissing the $69,840 price level goodbye.

Today, Bitcoin printed a large red candle on an hourly chart, which pushed it by more than 2% down, into the $54,750 zone.

Bitcoin has begun to recover against the backdrop of the Japanese stock market rebounding after the recent crash that pushed down not only crypto markets but traditional ones in the rest of the world as well. Major U.S. indexes, such as the S&P 500 and the Nasdaq, saw massive declines, Bitcoin followed suit. The crypto markets’ crash was worsened by massive liquidations as traders were hit with fear and tried to avoid further losses.

However, now that the leading Japanese index Nikkei 225 has printed a stark rise, markets in the rest of the world also began to see a revival.

Bitcoin is changing hands at $55,170, the second largest cryptocurrency Ethereum is trading at $2,470 after an 11% recovery.

Source: Investing.com