As a seasoned crypto investor with a knack for deciphering between the lines, I find myself intrigued by the recent statements from Ripple CTO David Schwartz regarding XRP. With over seven years of watching this digital asset dance around the $1 mark, I’ve come to realize that it can indeed be quite cheap… yet not in a way that makes sense for its potential use case.
Ripple CTO David Schwartz recently hinted at his intentions for XRP, wanting the XRP price go up.
In response to a user suggesting that the price of XRP is being intentionally kept low, Schwartz stated that he indeed owns XRP and, if possible, he would certainly take steps to increase its value.
In a different response, Schwartz hinted that cheaper XRP could actually increase the cost of transactions. To clarify, he used the example of Bitcoin: when Bitcoin was worth $100, it was unrealistic to use it to buy a house. However, as Bitcoin’s value has risen significantly, it is now feasible for such purchases. In the same vein, Schwartz suggested that lower prices for XRP can make XRP transactions more costly.
In the realm of transactions, Schwartz pointed out that the scenario where someone needs to pay another person a specific amount of XRP might not be a common or practical payment application. Instead, he emphasized a more plausible scenario: having $50 to send to someone in Mexico, which underscores XRP’s potential in facilitating cross-border payments.
Still dirt cheap?
David Schwartz, Ripple’s Chief Technology Officer, has often favored a higher value for XRP. This perspective was further expressed during a recent conversation about XRP, which led Schwartz to openly state that if there were any means available to drastically increase the price of XRP, he would certainly take advantage of it. This assertion stems from one of his tweets, posted on November 21, 2017.
“It doesn’t add up that XRP can be extremely cheap. If each XRP costs $1, then a million of them would set you back $1 million. Similarly, if XRP cost a million dollars, you’d still need one XRP to purchase it, which again amounts to $1 million.
As a crypto investor, I recently came across a comment on this post that read, “Even after 7 years, it’s still an affordable price,” to which Schwartz replied, “When I last checked, a million dollars in XRP would still set you back a million dollars. So, if you’re planning to make a million dollar transaction using XRP, it will cost at least a million dollars.
At the time of writing, XRP was up 0.82% in the last 24 hours to $0.588 and up 4.16% weekly.
In this current month, it was noteworthy as the Grayscale XRP Trust became accessible to qualified accredited investors who desire XRP exposure, as XRP serves as the backbone for the XRP Ledger – a decentralized platform primarily employed for fast cross-border transactions.
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2024-09-20 17:47