Despite the former Amazon exec joining Ripple as the tech chief, XRP tumbles

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“Ripple’s all-star engineering team continues to grow,”

Brad Garlinghouse, CEO of Ripple, said of the firm’s new senior VP that

Ripple brought new talent from Amazon to lead its innovation team in the face of legal action from the SEC.

Ripple CEO Brad Garlinghouse confirmed in a statement released today that former Amazon vice president of distribution experience, Devraj Varadhan, has joined Ripple as its new senior innovation vice president.

Varadhan has 15 years of experience at Amazon, where he worked for more than a decade in software production before becoming the VP of distribution experience. He has spent two years with Microsoft designing cloud and business applications.

Varadhan plans to focus on Ripple, developing architecturally sound structures consistent with consumer and market needs.

While last week, after a significant decline in December, the price of XRP
returned to the $0.30 band, it fell again below the crucial support mark. The token is selling for $0.28 at the time of publishing, after dipping approximately 9 percent in the last 24 hours.

The volatility of XRP has been linked to allegations levied by the United States. In December, Securities and Exchange Commission against Ripple, Chris Larsen, co-founder of the company, and Brad Garlinghouse, CEO.

Via its XRP sales, the SEC accuses Ripple of operating a “unregistered, ongoing digital asset securities offering” with the accusations causing several crypto exchanges to delist or suspend token trade.

The complaint against Ripple by the commission will continue with a virtual pretrial meeting on Feb. 22.

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