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Ripple CTO David Schwartz has sparked a whole new price speculation for XRP via one of his latest tweets. Generally recognized as his favorite social media platform, Schwartz shared an advertisement from Amazon on X containing a device that claims it can emit over 600 dB of sound. As an engineer, the Ripple CTO noted that sounds as high as 580db are detrimental to life on Earth.
A 580dB shockwave (it's not really a sound at that point since the air is moving much faster than the speed of sound) would be strong enough to kill nearly all life on Earth. This $29 horn sold on Amazon claims to produce a 600dB sound level. I hope that's severely exaggerated.…
— David "JoelKatz" Schwartz (@JoelKatz) July 31, 2023
Gamza KhanzadaevWhile the Ripple CTO appeared to be having an honest conversation with his more than 455,000 followers on the X app, some community members have connected the dots, suggesting that the veteran leader's figures were signs of how high the price of the cryptocurrency can go.
One popular XRP community member, @XRPcryptowolf, drew the conclusion from the tweet that the price target of $580 appears to have been confirmed.
XRP is a far cry from this bogus price call and, as a top insider at Ripple Labs, it is uncertain whether Schwartz will deliberately speculate on the price of XRP to drive a frenzy in the community. Still, comments bordering on the call hinge on encouraging users to take action across, that is, to stack up on the coin.
Negating Ripple-XRP ideology
The actions from the Ripple community might, to a large extent, negate the fight that Ripple Labs is waging against the United States Securities and Exchange Commission (SEC).
Ripple posits that XRP is not a security, and a favorable ruling has been issued to bolster these claims. However, speculating on price might be a way of proving that XRP is indeed a security and might somehow derail the legal efforts of the payments firm's team.
Experts and XRP proponents have advocated that the utility of XRP should be driven down across the board, with fewer conversations about its price action for now.
Yuri Molchan
Dan Burgin
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Vladislav Sopov