Ripple CTO David Schwartz spoke out on the allegations regarding XRP’s price, stressing its actual utility despite the recent market decline and price volatility.
The cryptocurrency market has experienced a notable downturn recently, with XRP briefly trading below $0.40. At this time, David “JoelKatz” Schwartz, Ripple’s chief technology officer and one of the original architects of the XRP ledger, spoke out about the allegations regarding the price of XRP, emphasizing the actual value of the token.
Schwartz responded to a commenter who mocked his 2017 remarks. Notably, Schwartz said in November 2017 that XRP could not be cheap due to its usefulness in payments. He commented on this statement again in April this year.
As XRP collapsed along with the rest of the market, community member “Scam Detective” attempted to mock the statement. However, Schwartz responded by pointing out that despite the low transaction price, the functional cost of using XRP remains the same, emphasizing that the token’s utility does not decrease with market price.
Community sentiment regarding XRP remains mixed, with some commentators speculating on the timing of its price moves. One person suggested that the recent price drop coincided with the anniversary of Judge Torres’s momentous legal ruling.
Market Slump Affects Leading Cryptocurrencies
The price of XRP has since recovered slightly and is now trading at $0.4042, up from its recent low of $0.3994. This was despite the entire market falling, causing the total cryptocurrency market capitalization to drop to $2.07 trillion, a daily loss of 8.6%.
Most of the leading digital assets were significantly impacted, with only a few exceptions showing slight growth.
Bitcoin, the leading cryptocurrency, experienced one of its most significant declines, falling below $54,000 for the first time since February. This drop had a severe impact on many over-leveraged traders, resulting in total liquidations approaching $700 million.
The overall market decline has drawn attention to the decline in XRP prices as other digital assets have been similarly affected. One commenter in particular questioned: “The whole market is down, why are you only picking on XRP?”
XRP’s resilience and utility
Despite market volatility, XRP’s inherent utility remains a point of confidence for supporters. Kuwl Show host Rob Cunningham has expressed strong confidence in XRP’s resilience, saying that no financial pressure can undermine XRP’s value proposition.
Cunningham detailed how XRP can significantly reduce friction, fraud, fees, and foreign exchange costs in global payments. He also highlighted the token’s ability to solve efficiency issues in nostro/vostro accounts with fast 3-5 second settlement times.
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