A recent post on X by JackTheRippler (@RippleXrpie), a crypto influencer and analyst, ignited discussions within the XRP community about the digital asset’s real price. The post showed a purported glitch that displayed an XRP price of $22,656,481. This price is significantly higher than XRP’s current price of $0.4402.
The image shared by JackTheRippler appeared to show a trading platform glitch, where XRP was mistakenly assigned a significantly inflated value.
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This incident has a history of reoccurring as similar glitches have been met with excitement by some XRP holders. These individuals believe such anomalies represent the true potential value of XRP and that a substantial price increase is imminent.
Following the post, several users expressed this belief and shared their excitement for a potential surge, with one user stating that XRP holders would be richer than Elon Musk.
A Glitch or XRP’s Future Price
Many community members believe that this was more than just a technical error. JackTheRippler further fueled the speculation by posing a question to his followers: “Can you imagine that this is supposed to be the price?”
This statement was followed by JackTheRippler reiterating his belief in XRP’s potential, and a reference to an old post by David Schwartz, the Chief Technology Officer (CTO) of Ripple. In that post, Schwartz addressed the XRP price, specifically arguing against the notion that XRP could be “dirt cheap.”
His reasoning centered around transaction functionality. If the price of XRP were to be $1, a user would require 1 million XRP to transfer $1 million. Conversely, if XRP were priced at $1 million, only 1 XRP would facilitate the same transfer.
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Schwartz then elaborated on the transactional limitations this could cause. He argued that while purchasing a million-dollar house with Bitcoin is possible, such a transaction in Bitcoin’s early stages (when its price was around $300) would have significantly impacted the market due to the immense amount of Bitcoin required. This post was from November 2017, a period when Bitcoin was trading around $7,000.
It is crucial to note that the price glitch does not represent an actual price increase. The incident is more likely a result of a technical error on a specific trading platform and only affects the display price but prevents users from trading at that price. However, a recent glitch on a prominent pro-XRP exchange was more than a display error, as XRP’s price dropped on only that exchange.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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