XRP tumbles despite former Amazon exec joining Ripple as engineering lead

“Ripple’s all-star engineering team continues to grow,” Ripple CEO Brad Garlinghouse said of the firm’s new senior VP.

Amid legal action from the SEC, Ripple has brought in fresh blood from Amazon to lead its engineering team.

In a statement released today, Ripple CEO Brad Garlinghouse announced that former Amazon vice president of delivery experience, Devraj Varadhan, has joined Ripple as its new senior vice president of engineering.

Varadhan has 15 years’ experience at Amazon, where he worked on software development for more than a decade prior to becoming VP of delivery experience. He also spent two years developing cloud and enterprise software with Microsoft.

With Ripple, Varadhan plans to place an emphasis on building “architecturally sound systems aligned with customer and business needs.”

Though the price of XRP returned to the $0.30 range last week following a significant downturn in December, it has slipped below the critical support level again. At the time of writing, the token is trading for $0.28 after falling roughly 9% in the last 24 hours.

XRP’s volatility has been attributed to charges brought by the U.S. Securities and Exchange Commission against Ripple, the firm’s co-founder Chris Larsen, and CEO Brad Garlinghouse in December.

The SEC accuses Ripple of conducting an “unregistered, ongoing digital asset securities offering” through its XRP sales, with the allegations prompting many crypto exchanges to delist or suspend trading of the token.

The commission’s case against Ripple will begin with a virtual pretrial conference on Feb. 22.

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Uphold Will Neither Halt Nor Delist XRP Until The Court Declares It A Security

Uphold Will Neither Halt Nor Delist XRP Until The Court Declares It A Security

Despite the legal quandary Ripple is currently facing due to the SEC’s lawsuit which has caused many top exchanges to wash their hands off the affairs of Ripple, Uphold, a crypto exchange operator and payments processor, says it will not delist XRP nor suspend its trading until the court’s decision justifies SEC’s complaints against Ripple. […]

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Ripple’s Top Investor Looking To Reverse Its Bet On The XRP Issuer

Ripple’s Top Investor Looking To Reverse Its Bet On The XRP Issuer

The lead investor in Ripple’s $200 million Series C funding has filed a lawsuit in Delaware Chancery Court, Bloomberg reports. The company is asking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock. The lawsuit is coming weeks after the SEC sued Ripple for selling XRP which it calls an […]

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Ripple CTO And XRP Architect David Schwartz Shares Current Crypto Holdings

Ripple CTO And XRP Architect David Schwartz Shares Current Crypto Holdings

Crypto figureheads rarely make public their portfolio but one of the original architects of the XRP ledger and Ripple CTO, David Schwartz unveiled his crypto holdings. He made this known through his Twitter account after an inquiry from another account with the handle “TheDustyBC”. XRP claimed the number one spot in the list which he […]

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Giving Up On Ripple: Grayscale Joins The Queue Of Institutional Investors Wiping XRP Off

Coinbase To Suspend Trading Of XRP Next Month Following SEC's Suit

Over the last few weeks, XRP has begun to lose its significance in the crypto space as the recent SEC lawsuit against Ripple has caused an adverse impact on the performance of the cryptocurrency. Recent reports have revealed several cases of diverse top exchanges delisting XRP from their trading services, thus resulting in a significant […]

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