David Schwartz, the Chief Technology Officer (CTO) of Ripple, recently highlighted that XRP has experienced a staggering 1,500% increase since 2017. This statement was made in response to claims that XRP has performed poorly during this time period.
The complaint that prompted Schwartz’s remarks came from an investor known as Mr. Karipple, who expressed disappointment in XRP’s perceived underperformance over the past seven years. Mr. Karipple revealed that he has been holding XRP since 2017 but has not seen significant gains.
He expressed frustration, stating that it is “unbelievable” that he could have become a millionaire if he had invested in any “trash coin,” possibly referring to the numerous meme coins that have gained popularity since Dogecoin.
Interestingly, these meme coins, despite lacking utility, have provided substantial profits for early investors. In December of last year, The Crypto Basic reported that a trader turned $242 into $250,000 by trading a Solana-based meme coin called MELON. Another investor made $1.5 million with just $42 invested in SILLY, another Solana meme coin.
These success stories have led individuals like Mr. Karipple to express frustration with the slower growth rate of mainstream assets. He lamented, “Now all of the shit coins people are laughing so hard at me.”
In response to the complaint, Schwartz pointed out that XRP has actually shown positive growth over the past seven years. He noted that exactly seven years ago, on April 19, 2017, XRP was valued at $0.033. Chart data supports this claim, as the highest value for XRP on that day was $0.03319.
At its current price of $0.5333, XRP has increased by an impressive 1,506% since April 19, 2017. Schwartz emphasized that this growth rate translates to an Annual Percentage Yield (APY) of 47%, which is significantly higher than the national average APY for savings accounts in the United States.
However, despite this growth, XRP’s performance falls short when compared to most cryptocurrencies, especially meme coins. It is important to note that investing in meme coins carries a higher risk of significant crashes and fraudulent schemes.
Despite these risks, Mr. Karipple is not alone in expressing disappointment in XRP’s performance compared to other crypto assets. Some individuals attribute the slow growth to price suppression caused by Ripple’s sales of XRP. Schwartz has consistently refuted these claims.
In response to the latest disclosure, attorney Bill Morgan from Australia highlighted the volatility associated with crypto assets like XRP. He pointed out that while investors who bought XRP seven years ago are seeing gains, those who bought it six years ago are down 32%. Interestingly, those who purchased XRP five years ago are up 57%.
Morgan presented this data to underscore the unpredictable nature of crypto assets like XRP. Meanwhile, Mr. Karipple dismissed Schwartz’s claims of his gains from XRP, noting that he acquired XRP at various prices, including the all-time high of $3.8, using a strategy called dollar-cost averaging.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and do not necessarily represent the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.