David Schwartz, the Chief Technology Officer at Ripple, has explained why $3.84, the price all-time high of XRP commonly known across the XRP community and crypto ecosystem, is a misleading number. According to the blockchain guru, spending $3.84 to purchase one XRP at that time was impossible.
It should be noted that numerous crypto data aggregating platforms, such as CoinMarketCap, still maintain the supposedly wrong price.
This was disclosed by Schwartz in a series of tweets a few days ago after a pseudonymous member of the XRP community shared a snapshot with data that showed that $3.84 is the price all-time high of XRP.
David Schwartz responds, “That $3.84 is a misleading number because it includes Korean exchange rates valuing the Won at the official exchange rate, which you could not actually get. It was never possible to actually get $3.84 for one XRP.”
That $3.84 is a misleading number because it includes Korean exchange rates valuing the Won at the official exchange rate, which you could not actually get. It was never possible to actually get $3.84 for one XRP.
— David "JoelKatz" Schwartz (@JoelKatz) April 24, 2023
David Schwartz Says XRP Actual All-Time High Is $2.8
Citing a scenario in South Korea to explain his exertion in the same thread of tweets, Ripple CTO said the official exchange rate is higher than the actual market rate due to capital restrictions, limiting the flow of money out of the country.
This implies that the residents of South Korea would have to pay more KRW to purchase digital assets such as XRP compared to those buying assets using US dollars or another currency.
David Schwartz tweeted, “(Due to South Korean capital restrictions, currency trapped in South Korea is not worth as much as currency elsewhere. So you had to pay a lot more of it to buy assets that could freely leave the region. This lead to artificially high prices for many cryptocurrencies.)”
Read Also: Ripple Curtails Support for XRP, Says it Lacks Regulatory Clarity
It should be noted that Schwartz addressed the XRP price ATH issue on Twitter earlier this month. In the tweet, he asserted that the real ATH of XRP is $2.8.
Schwartz wrote, “XRP once had a reported price of well over $3. But that price was computed including exchanges where the asset on the other side was converted into dollars using an “official exchange rate” that was too high. The real all-time high is about $2.80.”
XRP once had a reported price of well over $3. But that price was computed including exchanges where the asset on the other side was converted into dollars using an "official exchange rate" that was too high. The real all-time high is about $2.80.
— David "JoelKatz" Schwartz (@JoelKatz) April 8, 2023
