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- Ripple CTO David Schwartz denies price suppression claims, stating Ripple has no control over XRP’s market value.
- Schwartz emphasizes XRP’s potential for growth, noting his significant holdings and long-term belief in the token’s future.
David Schwartz, Ripple’s Chief Technology Officer, has strongly refuted claims that Ripple is suppressing the price of XRP. In a recent discussion within the XRP community, Schwartz confirmed that he holds XRP and reiterated that if he had the power to raise its value, he would.
He also addressed accusations suggesting Ripple deliberately keeps the price low, emphasizing that neither he nor Ripple has such control. As CNF earlier highlighted,
Schwartz’s early contributions to the XRP Ledger cannot be underestimated. He was one of the major engineers who created its protocol, ensuring that it not only offered rapid and safe transactions but also scalability to meet the needs of global finance in the future.
Furthermore, as discussed in another CNF update, the conversation stemmed from a 2017 comment by Schwartz, where he explained that XRP’s role in international payments would prevent it from staying “dirt cheap.” Schwartz pointed out that higher prices make transactions more cost-effective.
For instance, at $1 per XRP, a $1 million transaction requires 1 million XRP, whereas, at $1 million per XRP, just one token would suffice for the same transaction.
Despite this, some community members highlighted that XRP remains “dirt cheap” at around $0.594. Schwartz responded, clarifying that regardless of XRP’s price, making a $1 million payment with XRP will always cost $1 million in total, as it depends on the amount being transacted, not the token’s price.
In another scenario, Schwartz also addressed concerns over Ripple’s periodic unlocking of 1 billion XRP from escrow accounts, which some believe contributes to price stagnation. He reassured the community that these actions are not intended to suppress XRP’s value. In a show of confidence, Schwartz revealed that at one point, he held at least 26 million XRP and had never sold his holdings, signaling his strong belief in the token’s future.
Ripple (XRP) is trading at $0.5855, with a decrease of 1.16% in the past day and an increase of 2.50% in the past week. See the XRP price chart below.
