Schwartz’s statement came in response to a tweet from an XRP investor undertaking a month-long de-risking strategy.

XRP Lawyer John Deaton, who represents over 70,000 XRP token holders in the U.S. Securities and Exchange Commission (SEC) Vs Ripple lawsuit, warned about major implications from the Congressional hearing of Gary Gensler.

XRP has become the most popular asset in South Korea based on trade volume this year, according to data from crypto market intelligence provider Kaiko. XRP's trade volume on the four largest exchanges in South Korea has surged to an estimated $16 billion since the start of the year, which is more than three times the volume of Nano and Dogecoin, which respectively secure second and third positions. XRP overtook Bitcoin in trade volume on these exchanges last month, and its price rally was driven by demand from South Korean retail investors, according to a previous Kaiko report. Whales across numerous jurisdictions have also continued to accumulate XRP in anticipation of a favorable ruling in the Ripple vs. SEC case.

Ripple’s native crypto, XRP price has been stagnant over a long period of time due to facing uncertain future possibilities pushed by the U.S. Securities and Exchange Commission (SEC). Despite facing legal troubles from the commission, XRP price surge in the last 30 days has managed to beat Bitcoin, the world’s largest crypto.

Ripple generates most of its revenue from selling its XRP holdings, according to David Schwartz, CTO at Ripple. Schwartz confirmed in a series of tweets that selling XRP accounted for 98% of the firm's revenue and that Ripple only has two options regarding its XRP holdings: to sell or hold them. Selling the tokens is seen as a better choice, as it contributes to decentralization. Ripple sells XRP tokens in connection with its On-Demand Liquidity solution, which caters to multiple entities across nearly 40 payout markets. Ripple's report on XRP for Q4 2022 revealed that the technology firm sold $226.31 million worth of XRP in the quarter alone.

Attorney John Deaton, who represents over 76,000 XRP token holders in the ongoing Ripple lawsuit against the SEC, shared a video from 2018 wherein US investor Tim Draper is seen saying to SEC Chair Gary Gensler that the banks were in panic about the rise of cryptocurrency market.

Cardano rose to its highest level in seven-months on April 14, as cryptocurrency markets remained bullish. The global crypto market cap rose by as much as 2.25% on Friday, with bitcoin moving above $31,000. Xrp was another notable gainer, as the token hit a two-week high.