Ripple CTO David Schwartz has confirmed that he owns XRP, saying he would push its price higher if possible. The confirmation comes as part of a broader discussion within the XRP community, with Schwartz once again refuting allegations of intentional price suppression of the cross-border payments token.
XRP can't be "too cheap"
David Schwartz's response came after X users revisited a comment made by the Ripple CEO in 2017. At the time, Schwartz claimed that the price of XRP could not remain "too cheap," thanks to its utility in international transactions.
Note that if XRP was worth $1 per coin, a $1 million transaction would require 1 million XRP. But if XRP rose to $1 million per coin, only 1 XRP would be needed for the same transaction. Ripple’s CTO emphasized that higher prices make transactions more cost-efficient.
One crypto community member noted that XRP is still “very cheap” after seven years at its current price of $0.594. In response, Schwartz pointed out that $1 million worth of XRP still costs $1 million, suggesting that making a $1 million payment using XRP would cost $1 million. In simple terms, the total cost of a payment is tied to the amount being transacted, regardless of fluctuations in the price of XRP.
Ripple's Schwartz is an XRP holder
In the same conversation, another XRP member reiterated claims that Ripple may be intentionally keeping the price of XRP low, though company executives have repeatedly denied such claims over the years. A user who goes by the online pseudonym Marcelo Wolfarth urged Ripple to stop suppressing the price.
Ripple, as the largest holder of XRP, is known for releasing 1 billion XRP from escrow accounts at the beginning of each month. These periodic sales have been identified as the reason behind the relatively stagnant price of XRP.
Schwartz again denied the claims, insisting that he personally owns XRP. In fact, if he could actually drive up the price of the cryptocurrency promoted by Ripple, he would certainly do so.
It is unclear how many XRP the CTO currently owns, but he previously revealed that he owned at least 26 million XRP at the peak of his holdings. Furthermore, he noted at the time that he did not sell any of his XRP and used the proceeds to purchase other cryptocurrencies, demonstrating his strong belief in the future value of the coin.
