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Highlights
- Ripple CTO David Schwartz recently emphasized XRP's 1500% growth over the past seven years, reflecting strong long-term performance.
- Schwartz's statements came after a user claimed losses on a seven-year XRP holding, clarifying later that purchases were made post-peak in January 2018.
- Despite challenges, including regulatory scrutiny and market volatility, XRP remains among the top 10 cryptocurrencies by market capitalization.
David Schwartz, Ripple’s Chief Technology Officer (CTO), has highlighted the strong long-run performance of XRP since its inception seven years ago. During the social media exchange, David Schwartz highlighted that the XRP value had upsurged by 1500%. He quoted that at the time, seven years ago, one XRP traded for about $0.033. This computation, given an APY of 47%, demonstrates that the long-term returns show strong growth for the cryptocurrency.
These statements were made following a user’s post saying that he sustained losses on his Ripple position for seven years. The user later gave details of purchasing XRP in January 2018, after the crypto asset had crashed from peak levels of $3.84. Nevertheless, Schwartz pointed out that the returns during this period would have been much higher if the investments had been made before.
XRP’s Performance Amid Challenges
Despite the promising performance of XPR from its low base values, the crypto faced many challenges, such as regulatory scrutiny as well as market volatility. The cryptocurrency has been languishing compared to the other major crypto assets in the past months. The cryptocurrency didn’t spike during the speculative bubble that lifted other virtual currencies. Nevertheless, the said bottlenecks did not stop XRP from remaining one out of the top 10 cryptocurrencies by market capitalization.
XRP lost more than two-thirds of its price after the SEC filed a suit against Ripple in December 2020. In this case, two main factors led to a decline in the price of XRP by more than three-quarters. It was both the legal battle and the harsh bear market of the year 2022. It is evident that presently, unlike its ATH, Ripple’s price has significantly depreciated because of such misfortunes.
Ripple’s Resilience and Future Outlook
Despite the setbacks, XRP has managed to sustain its position among the leading cryptocurrencies. In the last 24 hours, XRP reported a gain of 3.12% to $0.5214, outperforming other top 10 cryptocurrencies in daily gains. This performance may indicate a potential rebound or stabilization in its market position. Schwartz’s highlighting of XRP’s long-term growth could serve as a positive signal to investors and market watchers about its enduring value.
Moreover, Schwartz has also been active in addressing broader regulatory issues affecting the cryptocurrency sector. He recently criticized a decision by the U.S. District Court of Columbia regarding a lawsuit defending the principles of free speech in relation to digital currency discussions. His engagement in these legal and regulatory discussions underscores Ripple’s proactive stance in navigating the complex landscape of cryptocurrency regulations.
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