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Ripple’s XRP price skyrocketed during the cryptocurrency boom of 2017-2018. This brought it global attention and positioned several of its top officials as leading figures within the cryptocurrency and blockchain space.
Namely, Chris Larsen, co-founder and president of Ripple increased his value to 54 billion dollars thanks to a large stake in XRP.
However, success has not been shared among Ripple executives with the chief technology officer (CTO) dismissing the billionaire’s claims.
Ripple executives and the rise in XRP prices
David Schwartz recently set the record straight on his financial status amid renewed attention on Ripple executives following XRP’s meteoric rise.
Responding to such an assumption on Xu (formerly Twitter) on Dec. 29, Schwartz declared, “I’m still not a billionaire.”
Ripple co-founders Chris Larsen and Brad Garlinghouse also benefited from the 2017-2018 cryptocurrency boom.
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Larsen’s fortune has grown to an estimated $54 billion, with most of his wealth reportedly in 9 billion XRP tokens. And Garlinghouse soared as the value of the cryptocurrency rose to nearly $10 billion.
Unlike some of the other team members, Schwartz opted for a 2% stake in Ripple and a fixed salary instead of amassing millions in XRP.
This decision limited him far below billionaire status, although the re-election of Donald Trump brought the cryptocurrency XRP back into focus.
The rise of XRP and the prominence of Ripple
Once the third largest cryptocurrency based on market capitalization, XRP has rebounded particularly impressively since Election Day in November of this year, reaching that position after a steep rise in price.
The digital asset market is particularly motivated by the Ripple Labs cryptocurrency whose initial value not only attracted market enthusiasts, but also earned large fortunes for owners with huge amounts of XRP.
Schwartz, however, maintained a more cautious financial strategy. In 2021, he revealed that his net worth is “much less than $170 million.”
In 2020, Schwartz confirmed that his portfolio includes XRP, Bitcoin (BTC) and other altcoins, but emphasized the risks of holding highly volatile assets.
His approach contrasts with Larsen’s massive XRP holdings, which, according to a Forbes report, saw Larsen add $6 billion to his fortune in just one month earlier this year as XRP rose.
The financial positions of Ripple executives reflect the huge gains available in the crypto market. However, Schwartz’s grounded approach illustrates a different mindset, focused on long-term stability rather than speculative highs.
David Schwartz’s role in XRP
As the price of XRP rises and Ripple gains more traction in the international financial market, the spotlight is on the company’s management.
Larsen and Garlinghouse are billionaires; however, Schwartz’s role as Ripple’s technical genius means that success is not always measured in terms of wealth.
His work underpins Ripple’s innovation, and his transparency about his financial health makes him relatable to the broader crypto community.
