While the latest altcoin rally pumped the price of several coins, the price of XRP went a little above 20 cents. Soon, the crypto community engaged in a conversation with Ripple’s CTO about the price of the coin.
XRP’s Price Still Hovering At 20 Cents
Prominent cryptocurrency, XRP was recently dethroned by the largest stablecoin, Tether [USDT] as the third-largest cryptocurrency in the world in terms of market capitlaztion. The coin, on the other hand, had been witnessing massive fluctuations since the beginning of the year. Even during the recent altcoin rally, despite witnessing a surge of 17.3 percent in the last seven days, XRP’s price remained under $0.20 for quite some time.
A member of the crypto community took to Twitter to question, David Schwartz the CTO of Ripple about the low price of the altcoin. Justifying XRP’s price movement, Schwartz pointed out that the price of cryptocurrencies mirrors the “wisdom of crowds and a fair assessment of the expected future.” However, he suggested that a limited number of people shared a similar view. Despite the fact that Schwartz truly believes in his stance, he highlighted the possibility of it being flawed.
He further tweeted,
Furthermore, Ripple has been engaging in several partnerships across the globe and has been trying to utilize XRP in all its ventures. Despite these efforts, to spike, the price of the altcoin has been trading in cents for the longest time now. Another Twitter user presented a question before Schwartz asking him if 19 cents was the right value for XRP. Replying to this, Schwartz suggested that even though he doesn’t want to think its the correct value, he believes that the fact that wealthy people could fuel the price was “inescapable” to him. He further added,
“I’ve expressed this view to many other people in the industry (often about other tokens or just prices generally) and they say I’m crazy and that whales can manipulate the price as they please. I’d like to believe that, but the truth is that I just don’t.”
Even though the price of XRP is lower than many other prominent cryptocurrencies, the altcoin witnessed a significant surge over the past few days. At the time of writing, the coin was trading at $0.2022 with a 1.5 percent surge over the past 24-hours.
Additionally, the CTO of Ripple pointed out that things that come across as revolutionary fail. However, he also believes that the success of crypto assets was inevitable.