David Schwartz (데이비드 슈워츠), known as a key developer at Ripple, said he sold about 2.5 million XRP in 2025.

U.Today, a blockchain outlet, reported on Nov. 9 that Schwartz posted on X, formerly Twitter, records of paying $1.7 million in capital gains tax, or about 2.29 billion won. He rebutted criticism that he had irresponsibly sold XRP.

The controversy began when a user called XRP a "terrible investment" and said Schwartz could not be blamed for exiting the market. Schwartz replied, "My capital gains taxes show that's not true." By pointing to the size of the tax bill, he effectively defended both XRP's value and his trading.

Schwartz said most of the XRP he sold in 2025 was received as compensation for work performance in 2020 and 2023. He disclosed his transaction history to explain himself amid rumours about how much key Ripple figures had cashed out.

He has consistently disclosed his XRP holdings and the reasons for selling from 2024 to 2026. His holdings once reached about 26 million XRP but fell to about 2 million XRP in August 2026. He said some of the decline was due to gifts and transfers, and most of it was sold on the open market.

He began taking profits when XRP reached $0.10. Schwartz said he did not think XRP would rise above $0.25 at the time. Prices later rose sharply, but he chose to spread and cash out his holdings rather than wait through the entire rally.

He showed similar judgement in his Ethereum investment. Schwartz sold all 40,000 ETH he once held at $1.05 each. He said, "I wish I hadn't," acknowledging he missed a chance for bigger gains.

Schwartz said he is far from so-called "diamond hands" who hold long-term while enduring price swings. "I really, really hate taking risks," he said, adding that he set a rule with his wife to sell a certain percentage of his holdings whenever a token makes a new all-time high (ATH).

Schwartz also said he moved a significant portion of his personal assets into Ripple shares. He said Ripple shares are less liquid, but he chose to invest in the company's performance rather than cryptocurrency prices. The disclosure also showed his asset management principle of prioritising risk reduction over expectations of further gains, as well as the size of his sales.

@WHTBOYRICKY @CryptoTaxFixer In 2025, I sold about 2.5 million XRP, most of which I received in 2020 and 2023. I paid approximately $1.7 million in capital gains tax on those sales.