The Ripple CTO, David Schwartz, has refuted the widespread claims about XRP’s underperformance. Some in the crypto community believe that the token has been causing investors losses for many years.
However, Schwartz, in his counter-assertion, pointed out how XRP’s price rose by a staggering 1,500% since 2017. Schwartz’s assertion comes in response to an XRP investor’s lamentation about the token’s underperformance.
XRP Investor on Token’s Underperformance
An Xuser and XRP investor, Mr. Karipple, took to X on April 20 to complain about XRP’s underperformance over the past seven years.
According to Mr. Karipple, he purchased XRP in 2017 and has held the coins since then. However, he’s yet to see any significant gain from his holding due to XRP’s low performance for many years.
Holding XRP for seven years not making shit is something unbelievable , if i bought any trash coin i would be a multi millionaire by now , but i was always laughing at people who buy shit coins , now all of shit coins people laughing so hard at me 👍🤝 thank you @bgarlinghouse…
— FREE AT LAST (@mr_karipple) April 20, 2024
Further, the investor noted that XRP delivered an ‘unbelievable’ turn of events beyond imagination. He believed he would have been better off investing in a meme coin than buying a “trash coin” like XRP. Karipple said he would have emerged a millionaire with any meme coin.
Notably, the frenzy of meme coins and their explosive growth after Dogecoin’s popularity attracted many investors to the sector. Though with little or no utility, meme coins have records of massive gains for investors.
One outstanding tale involved a trader who amassed $250,000 after investing $242 in MELON, a Solana-based memecoin. Another investor accumulated $1.5 million by investing just $42 in SILLY, a Solana-based memecoin.
While Mr. Karipple never regarded the so-called “shit coins,” he felt that the table had turned against him. He stated:
“Now all the shit coins people laughing so hard at me.”
Ripple CTO Hails XRP’s Price Growth
Responding to Mr. Karipple’s post, the Ripple CTO Schwartz refuted the claims of XRP’s underperformance. The CTO highlighted how the token has maintained a strong and impressive trend since 2017.
According to Schwartz, XRP has indicated a whopping 1,500% increase over the past seven years. He pointed out that the coin traded at $0.033 as of April 2017, reflecting an equivalent of an APY of 47%.
Seven years ago was 4/19/2017. XRP was $.033 on 4/19/2017. That is a 1500% increase equivalent to an APY of 47%.
— David “JoelKatz” Schwartz (@JoelKatz) April 20, 2024
The CTO also stated that XRP’s long-term gains prove its resilience and robust growth stance amid market swings.
Additionally, Schwartz reacted to Mr. Karipple’s statement of acquiring XRP after declining from its peak of $3.84. The CTO said the profit during this period would have been huge if his investment had come earlier.
XRP has shown strong resilience amid several challenges alongside the overall crypto market volatility, which has often limited its performance.
The coin has faced stiff regulatory pressure due to the US Securities and Exchange Commission’s lawsuit. XRP plummeted by over 35% of its price after the SEC initiated a legal battle with Ripple in December 2020.
As of 05:35 AM EST on April 23, XRP’s price hovers around $0.5461, indicating an increase of 2.42% over the past 24 hours. Also, the token reflected a 9.89% surge in its 7-day price action. With a market cap of $2.2 billion, XRP now ranks as the #7 top crypto asset.