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Professional Game Designer Liquidates 401k Into Ripple’s XRP, Says: THIS IS THE WAY

 

By Reel Coverage Dec 16, 2024

 

XRP, the native asset of the XRP Ledger(XRPL), spearheaded by Ripple, receives fresh growth sentiments as Professional game designer speaks up on his long-term buying spree of top four most valuable crypto assets.

 

Chad Steingraber, a professional game designer, who is also a self-taught biologist, as specified on his X profile, took to the social microblogging platform to reveal his practice of buying XRP since 2017.

 

Image Credit: Fortune Crypto

 

 

A Case Of A Top 0.2% XRP Bull

 

On December 15, Chad Steingraber, a prominent XRP bull, shared on X(formerly Twitter), his conviction on the bullish future of XRP, noting that he's consistently bought the “bankers coin” dubbed crypto asset. 

 

Steingraber also noted that he had liquidated his 401k — a type of retirement savings plan offered by many employers in the United States — into XRP and has never sold back to USD, adding “THIS IS THE WAY” as a closing remark.

 

In his words:

 

"

 

I’ve bought XRP on a regular basis since 2017.

 

I liquidated my entire career 401k into XRP IRA.

 

I’ve never sold a single XRP back into US Dollars.

 

THIS IS THE WAY

 

"

 

Steingraber had not revealed the value of his XRP holdings, nor his 401k at the time of liquidation, however, the Professional Game designer revealed that his single best buy was a $69,000 purchase at $0.20/XRP.

 

Chad’s disclosure stirred a reaction, with one comment highlighting that such a purchase would place Chad Steingraber in the top 0.2%.

 

This data poses lots of questions as XRP’s on-chain circulating supply sits at 57.19B, according to CoinMarketCap, making Chad’s purchase appear small in comparison.

 

That said, an early report, on August 12th, 2024 by Crypto Basic highlights that at the time, data revealed by CEO of Alpha Lions Academy suggests that making it into the Top 10% of XRP rich list requires just 3,011 of the XRP Ledger native asset.

 

The report also notes that Top 1% requires a minimum investment into 61,237 XRP tokens, further solidifying the claim that Chad Steingraber holdings would put him in the top 0.20% of the XRP rich list. 

 

A Bullish Outlook For XRP

 

XRP is up 304% in the last 90 days, achieving a market capitalization of $135.20 billion and a FDV of $236.42 billion at press time.

 

The world around XRP has been met with varying developments and adoption. On December 10, a confirmed report highlighted that XRP would enjoy tax-free benefits alongside other American Cryptocurrencies such as Algo and ADA under President Donald Trump.

 

In addition to this, there's been several reports indicating an alliance between the Federal Reserve of the United States and Ripple via a close integration of XRP in the agency's payment system in development called FedNow.

 

Another bullish development in the XRPL ecosystem is the recently approved Ripple’s stablecoin called RLUSD. 

 

According to reports on Cointelegraph, New York Department of Financial Services (NYDFS) approved the firm’s RLUSD stablecoin after months of consideration.

 

With a grand focus on institutional players, speculators, more formally recognised as Ripple executives expect the stablecoin’s market capitalization to reach $2 Trillion by 2028.

 

Backed by USD deposits, short-term US Treasury bonds, and “other cash equivalents, the Ripple’s stablecoin, RLUSD is designed to be pegged to the USD at 1:1 basis. 

 

As Ripple, the company behind the development of XRPL expand into the stablecoin market, growing community sentiments supports that the chain’s native asset, XRP, is nearing full actualization as a banker’s coin. 

 

Notwithstanding, prominent voices have challenged this belief. Zach Rynes on a December 02 post considers Chainlink's native asset “LINK” to be a more fitting banker’s coin. 

 

Zach goes ahead to call XRP a banker-themed memecoin that failed to gain meaningful traction for the cross-border payment use case. 

 

Furthermore, Zach notes that XRP is neither working with Swift or capable of replacing it. Adding that Chainlink on the other hand is doing “real work”, highlighting various large institutions being connected to the world of blockchain through Chainlink. 

 

However, XRP remains a key topic of recent developments discussions, with numerous speculations of a potentially massive price surge in coming months. 

 

With global adoption such as the largest bank in Europe, the HSBC adopting XRP for for international payments with an incentive program through the CTF Token points system, as reported by TheCoinRepublic, Ripple’s XRP remains a big mover as the world becomes more aware and welcome of cryptocurrencies and blockchain.