"Hmm can you believe the words of the Ripple CEO?"
Through his Twitter account, Ripple's Chief Executive Officer (CEO), Brad Garlinghouse discussed his company's exposure to Silicon Valley Bank (SVB) by assuring his followers of Ripple's stability.
Garlinghouse said that its day-to-day business would not be affected in addition to holding the majority of USD with a wider network of bank partners.
Despite not disclosing the amount of cash his company has in SVB, Garlinghouse still insists that Ripple remains in a strong financial position.
A few hours later, the Federal Reserve (Fed) of the United States (US) announced that it had established a financing program of $25 billion to help banks experiencing financial stress.
The Fed also said all SVB depositors will have access to all their money from March 13, 2023.
As of now, the price of Ripple-based XRP has surged by 0.59% to reach $0.36 in the last 24 hours after plunging to $0.34.
It is well known that XRP has been involved in a legal battle with the US Securities and Exchange Commission (SEC) for some time, but Garlinghouse expects the case to be resolved in June.
