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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Mar 27, 2024 10:41 UTC
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Ripple News: XRP Holders Unable to Sell? CTO David Schwartz Offers Options
Selling XRP can be difficult due to tax obligations, even for those who want to hold.
The XRP community is worried about Ripple's leadership and the XRPL Foundation's decisions.
XRP holders face complexities and challenges due to regulations and taxes in the crypto space.
Ripple’s XRP is currently facing hurdles, as revealed by David Schwartz, Ripple’s Chief Technology Officer (CTO). Schwartz recently pointed out a tough reality: selling XRP is almost unavoidable due to tax complications. Adding to the pressure are the departure of Dev Null Productions and controversies surrounding XRPL.
Can XRP stay strong amid these challenges? Despite legal battles and SEC fines, XRP remains resilient.
Let’s explore Schwartz’s insights into the ongoing debate over XRP’s selling spree.
The Issue of Tax Challenges
Schwartz has recently addressed the challenge faced by XRP holders when it comes to selling their coins. According to Schwartz, it’s extremely difficult for XRP holders to avoid selling their holdings, especially when considering tax obligations. He emphasized that even if individuals want to continue holding XRP, they may still need to sell a portion of their holdings to cover taxes.
Schwartz’s comments come at a time of worry within the XRP community. Dev Null Productions’ exit, a long-time contributor to XRP, has caused concern. They cited loss of faith in Ripple’s leadership and criticized the company for prioritizing selling XRP over small investors’ interests. Additionally, they criticized the XRPL Foundation’s actions, accusing them of neglecting collective interests for personal gains.
Also Read: Ripple Price Prediction: XRP Price Set for 89% Spike
Stay Cautious, Folks!
Schwartz also discussed a proposal to integrate XRP into automatic market maker (AMM) pools. He explained that to do so, XRP must be paired with another asset, requiring the sale of half of the XRP. Schwartz also warned about potential tax implications, stressing the taxable nature of such transactions.
Schwartz’s insights shed light on the challenges faced by XRP holders, from tax obligations to regulatory uncertainties. Despite these obstacles, XRP’s resilience remains evident.
Read More: Decrypting Ripple vs SEC: Pro-XRP Attorney Breaks Down SEC’s $480M Claim
- XRP: Time to hold or time to fold? Let’s hear your strategy!
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