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Ripple CTO David Schwartz recently hinted at his intentions for XRP, wanting the XRP price go up.
In response to a user who alleged that the XRP price is being suppressed, Schwartz replied confirming his holdings in XRP, "I hold XRP. If there was some way I could get the price of XRP to go up, I assure you that I would do it."
In another X reply, Schwartz indicated that lower prices for XRP could make payments more expensive. The Ripple CTO explained what he meant by saying that it was impractical to use BTC to buy a house when BTC was $100, but now it is practical in the same scenario since BTC is much higher, adding that "lower prices for XRP make XRP payments more expensive."
Tomiwabold OlajideSchwartz stated in the context of payments that needing to pay someone one XRP might not be a realistic payment use case because only very rarely does anyone need to do that. A realistic use case is having $50 and needing to send it to someone in Mexico, highlighting XRP's use case in cross-border payments.
Still dirt cheap?
Ripple CTO David Schwartz has always been inclined to a higher valuation for XRP. The recent X discussion, which made Schwartz openly admit that if there was something he could do to get the XRP price to skyrocket, he would do it, stemmed from one of his tweets, posted on Nov. 21, 2017.
The tweet read: "It can't be dirt cheap. That doesn't make any sense. If XRP costs $1, they'd need a million XRP which would cost $1 million. If XRP cost a million dollars, they'd need one XRP which would, again, cost $1 million."
An X user commented on this post saying, "Yet 7 years on it’s still dirt cheap," to which Schwartz responded: "Last I checked, $1 million worth of XRP still costs $1 million so making a $1 million payment with XRP will cost at least $1 million."
At the time of writing, XRP was up 0.82% in the last 24 hours to $0.588 and up 4.16% weekly.
XRP reached a significant milestone this month when the Grayscale XRP Trust opened to eligible accredited investors seeking exposure to XRP, which powers XRP Ledger, a distributed network used for cross-border payments.
Valeria Blokhina
Godfrey Benjamin
Vladislav Sopov
Dan Burgin
U.Today Editorial Team