Ripple's CTO David Schwartz Affirms Holding XRP, Asserting He Would Push Its Price Higher if It Were Possible
- DDDOriginal
- 2024-09-23 03:19:11507browse
The confirmation came as part of a wider discussion within the XRP community, with Schwartz once again refuting claims of deliberately suppressing the price of the cross-border payments token.
Ripple’s Chief Technology Officer David Schwartz has once again refuted claims that Ripple is deliberately suppressing the price of XRP. The CTO also revealed that he personally owns XRP and would push its price higher if he could.
Schwartz’s comments came as part of a wider discussion within the XRP community on the dust-up over a comment made by the Ripple executive back in 2017. At the time, Schwartz contended that the price of XRP could not remain “dirt cheap,” thanks to its utility in international transactions.
He observed that if XRP were worth $1 per coin, a transaction worth $1 million would need 1 million XRP. But, if XRP soared to $1 million a coin, only 1 XRP would be required for the same transaction. The Ripple CTO stressed that higher prices make transactions more cost-efficient.
One crypto community member pointed out that XRP is still “dirt cheap” seven years later at its current price of $0.594. Responding, Schwartz noted that $1 million worth of XRP still costs $1 million, suggesting that making a $1 million payment with XRP will cost $1 million. In simple terms, the total cost of payments is tied to the amount being transacted, regardless of the fluctuations in XRP’s price.
Later in the conversation, another XRP user brought up the allegation that Ripple may be purposely keeping the price of XRP low, despite the company’s executives repeatedly dismissing the claims over the years. The user going by the online alias Marcelo Wolfarth urged Ripple to stop suppressing the price.
Ripple, being the biggest holder of XRP, is known for unlocking 1 billion XRP from escrow accounts at the beginning of every month. These periodic sales have been pinpointed as the reason for XRP’s relatively stagnant price action.
Schwartz again dismissed these claims, reiterating that he personally owns XRP. In fact, if he actually could propel the price of the Ripple-promoted crypto higher, he would definitely do it.
It’s unclear exactly how many XRP tokens the CTO currently holds, but he revealed earlier that he owned at least 26 million XRP at the peak of his holdings. Moreover, he indicated at the time that he had never sold any of his XRP and used the proceeds to acquire other cryptocurrencies, signifying his strong conviction in the coin’s future value.
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