XRP Cannot Stay “Dirt Cheap”
  • Ripple’s CTO was pressed to explain a 2017 statement claiming that XRP could not be “very” cheap, but community members believe his response marks a departure from his previous position.
  • The same thing happened on March 30, when Schwartz had to take to the stage to explain the context of his comments.

Ripple CTO David Schwartz is once again at the center of a social media controversy after X-users boldly criticized him for a 2017 post.

Incidentally, seven years ago, Schwartz tweeted that XRP “would not” become “very” cheap.

It *won’t* be super cheap. That wouldn’t make sense. If XRP is $1, you’d need 1 million XRP, which would cost $1 million. If XRP is $1 million, you’d need 1 XRP, which would also cost $1 million.

In a follow-up tweet, Ripple’s CTO explained that you could now buy a $1 million house with Bitcoin, and while you could do the same with $300, Schwartz made it clear that this is too expensive for practical purposes, as it could potentially cause significant market shifts.

According to our data, at the time of this tweet, XRP was trading at $0.24. A few months later, the asset recorded an incredible surge, reaching $3.8, but then steadily turned bearish, falling almost 90% below its all-time high. For almost six years, the price has not been able to return to its peak, or even recover half of the lost value. Years later, members of the XRP community reminded Schwartz of his forceful comments from 2017 and requested an update.

Schwartz explains post about XRP

In response, Schwartz reiterated his statement that it still costs $1 to buy enough XRP to make a $1 payment. Unfortunately, this answer did not “satisfy” another user who goes by the name “Liane Lu,” who relented and responded:

According to this user, the answer is a big departure from his previous position.

What a dumb and stupid answer. Far from your previous comment. Too much manipulation? Is lying a hobby or a job? I realized what the answer to my question is. The latter, if you weren’t sure. — Riaan Roux (@DubiousRoux) July 5, 2024

However, Schwartz still maintained that his answer expressed the same thoughts.Interestingly, this is not the first time that Ripple’s CTO has come forward to defend his long-held position.

On March 30, Schwartz was forced to defend the post after followers asked him to clarify his intentions, at which point the CTO provided a bit of context for his remarks, claiming he was simply responding to the following discussion: Ripple They would like to see the price of XRP fall in order to achieve their goal of enabling cheaper payments.

I said that the higher the price of an asset with a fixed supply, the more practical it is to use that asset as a settlement or intermediation asset. The argument I countered at the time was that Ripple wants the price of XRP to fall because it would be more useful for settlements if it were cheaper. That argument is nonsense.

At the time of writing, XRP had fallen out of the top five by market capitalization, remaining in seventh place. Currently, the asset is 8% It has traded at $0.43 in the past week.

Despite the continuing downward trend, our previous report He suggests that the future direction of XRP price will depend heavily on the outcome of the SEC v. Ripple case.

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