It has been quite a long few days for the crypto market and the traders in general. Since silicon valley bank collapsed a few days ago, the market has been in shambles, dragging along even the stablecoins. USDC was one of the coins that seemed like crashing after de-pegging the dollar. This also reflected on the entire market XRP looking to be affected most by the SVB saga. CEO has however confirmed Being exposed but the crash of the bank. In a tweet Brad Garlinghouse said:
Setting the record straight on SVB Qs: Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.
The Ripple CEO went on to assure stakeholders that this was not something they could not handle and shake off. His statement fired up the already bullish market even more seeing bitcoin gaining over 10% in only 8 hours. Xrp is already up 3% on the last day and looking to recover further after hitting lows of about $0.35 earlier today
What to expect from Ripple
After assuring the ripple community ripple is safe Brad Garlinghouse further shared his sentiments through a thread of tweets.
In one of the replies, the CEO hinted at the need to change the financial system. Of course, looking to show how the Ripples CBDC project could have helped avoid some mistakes. In the tweet he noted:
It’s ironic that so much of what’s happening (as some companies scramble to make payroll) highlights how broken our financial systems still are – i.e. wires are still not 24/7/365, rumors lead to collapse and the frictions of moving money within a deeply fragmented system.