A Million-Dollar Oversight? Ripple CTO Regrets Missed Investment Opportunity
The post A Million-Dollar Oversight? Ripple CTO Regrets Missed Investment Opportunity appeared first on Coinpedia Fintech News
David Schwartz, the Chief Technology Officer (CTO) of Ripple Labs Inc, shared his regrets about missing out on a potentially lucrative investment opportunity. The admission came in the wake of a recent positive ruling on the legal status of Ripple’s XRP token, declared by Judge Analisa Torres.
What is this missed opportunity? Let’s delve in.
Coinbase Stock Soars!
In a recent tweet, David Schwartz, the Chief Technology Officer (CTO) of Ripple Labs Inc, expressed regret over failing to seize a potentially lucrative investment opportunity. The admission came following a positive ruling on the legal status of Ripple’s XRP token by Judge Analisa Torres. Schwartz revealed that he should have invested in the shares of Coinbase Global Inc (COIN), a publicly traded crypto trading behemoth.
Coinbase’s stock had experienced a recent downturn, resulting in a 4% loss. However, in the days leading up to the XRP ruling, it outperformed its counterparts on Wall Street. Over a period of just five days, from July 9 to July 14, the stock surged by an impressive 29%. This surge coincided with XRP reaching new heights in value.
Read More: “It’s Time to Relist”: Coinbase to Re-Enable XRP Trading After Ripple Scores Win
The Markets Are Looking Up
The legal victory for XRP had a significant impact on stocks within the digital currency ecosystem. MicroStrategy Incorporated, known for its substantial holdings of Bitcoin (BTC), witnessed an 18.95% increase in its stock price over the past five days, with the most significant gains occurring in the last two days.
The surge in Coinbase’s stock value can be attributed to the realization that the company stands to benefit from the XRP ruling. Currently facing a lawsuit filed by the United States Securities and Exchange Commission (SEC) over allegations of supporting altcoins categorized as investment contracts, Coinbase’s legal prospects seem to have improved following the XRP ruling.
Mixed Reactions from the Community
Schwartz’s tweet about missing the opportunity to invest in Coinbase’s stock sparked a mixed response within the cryptocurrency community. One Twitter user cautioned Schwartz about potential legal troubles arising from sharing investment-related sentiments. Schwartz acknowledged the concern, indicating his awareness of the risks involved and his past experiences in similar situations.
So, what do you think about Schwartz’s ‘costly mistake’?
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
