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, David Schwartz, addressed the issue by emphasizing XRP's utility rather than its investment potential.
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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 Ripple CTO of deviating from previous statements and manipulating the narrative. Critics pointed out past remarks suggesting XRP's price would not remain low and accused Schwartz of trolling and dishonesty.
Is XRP really investment instrument?
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.
It does not deviate. It expresses precisely the same idea.https://t.co/Vkk1C9b7jh
— David "JoelKatz" Schwartz (@JoelKatz) July 7, 2024
Schwartz's reply aimed to shut down the speculation and reaffirm his stance on the fundamental purpose of XRP.
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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?
