The XRP community is anxiously awaiting a statement from Ripple regarding its potential exposure to Silicon Valley Bank SVB
that the San Francisco-based company would issue a statement soon.In a series of tweets, the Ripple executive questioned the cause of Silicon Valley Bank's collapse. Schwartz said he did not understand how a bank could become insolvent due to a run, as its assets and obligations would not change in such an event.He suggested that the bank was already insolvent and was not tracking its obligations correctly.
Its members are concerned about the potential impact on the value of XRP, with some pledging not to sell their XRP if Ripple confirms its exposure. Despite differing opinions, there is shared concern about the situation and frustration at the lack of information from Ripple. Some members have also expressed disappointment with the lack of realistic thinking from certain XRP holders.
The recent collapse of two US banks, coupled with the blow of SVB and Silvergate, has left the cryptocurrency market in disarray, with Circle reporting $3.3bn of its reserves inaccessible. The value of its USDC token has plummeted, worsening the existing problems faced by the cryptocurrency market.
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