2024

David Vance

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The crypto market is experiencing significant selling pressure these days. This turbulence has affected major cryptocurrencies, including XRP, which has dropped to its lowest price point since March 2023.
In response to the community's growing concerns about the price collapse, Ripple's chief technology officer,&nbsp;<a href="https://x.com/JoelKatz/status/1809831790636597707" rel="noopener noreferrer nofollow">David Schwartz</a>, addressed the issue by emphasizing XRP's utility rather than its investment potential.
Schwartz explained that the current price enables users to acquire enough XRP to facilitate a payment for precisely the worth of the cryptocurrency. He stressed that this underscores XRP's primary function as a medium of exchange, which facilitates fast and cost-effective cross-border transactions, despite the market crash.
Some community members, however, expressed dissatisfaction with such comments, accusing the&nbsp;<a href="https://u.today/ripple-cto-breaks-silence-on-xrp-price" rel="noopener noreferrer nofollow">Ripple</a> CTO of deviating from previous statements and manipulating the narrative. Critics pointed out past remarks suggesting&nbsp;<a href="https://u.today/doge-xrp-ada-eye-meteoric-rise-on-metrics-signal" rel="noopener noreferrer nofollow">XRP's price</a> would not remain low and accused Schwartz of trolling and dishonesty.
<h2 dir="ltr" id="is-xrp-really-investment-instrument">Is XRP really investment instrument?</h2>
Schwartz then clarified his position, insisting that his recent comments were consistent with his earlier statements. He reiterated that his focus has always been on XRP's functional utility in payment systems rather than its price as an investment asset.
<blockquote>
 It does not deviate. It expresses precisely the same idea.<a href="https://t.co/Vkk1C9b7jh" rel="noopener noreferrer nofollow">https://t.co/Vkk1C9b7jh</a>— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1809831790636597707?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2024</a>
</blockquote>
Schwartz's reply aimed to shut down the speculation and reaffirm his stance on the fundamental purpose of&nbsp;<a href="https://u.today/xrp-forms-crucial-support-as-insane-selling-pressure-wears-off" rel="noopener noreferrer nofollow">XRP</a>.
Despite the current market challenges, the emphasis on XRP's utility highlights what may be a long-term strategy of promoting it as a practical tool for efficient and affordable international payments.
However, the question arises — is XRP really an investment instrument?

Ripple CTO Shuts Down XRP Community Price Speculations

Table of Contents

U_Today

Other articles published on Jul 7, 2024

Missed Out on PEPE, BOME, Shiba INU, Floki? This Crypto Is Your Next Big Hit in 2024

The power of play: Web2 games need web3 stickiness | Opinion

Memecoin Whale Incurs Loss of $207K in $PEPE

Now is the Best Moment to Buy Crypto on the Dip According to Experts

“Nigerians have been eating GMO foods for decades, it did not kill anyone” – Naija Farmer

German Lawmaker Ditches Digital Euro, Advocates Bitcoin As Anti-CBDC Solution

Join our free newsletter for daily crypto updates!