According to U.Today, the cryptocurrency market is currently facing significant selling pressure, impacting major cryptocurrencies, including XRP, which has seen its lowest price point since March 2023. Ripple's chief technology officer, David Schwartz, addressed the community's concerns about the price drop, focusing on XRP's utility rather than its investment potential.
Schwartz explained that the current price allows users to acquire enough XRP to facilitate a payment equal to the cryptocurrency's worth. He emphasized that this highlights XRP's primary function as a medium of exchange, enabling quick and cost-effective cross-border transactions, despite the market downturn. However, some community members expressed dissatisfaction with Schwartz's comments, accusing him of deviating from previous statements and manipulating the narrative. Critics pointed to past remarks suggesting XRP's price would not remain low and accused Schwartz of trolling and dishonesty.
In response to these criticisms, Schwartz clarified his position, insisting that his recent comments were consistent with his earlier statements. He reiterated his focus on XRP's functional utility in payment systems rather than its price as an investment asset. Schwartz's response aimed to quell speculation and reaffirm his stance on XRP's fundamental purpose.
Despite the current market challenges, the emphasis on XRP's utility underscores what may be a long-term strategy of promoting it as a practical tool for efficient and affordable international payments. However, the question remains — is XRP truly an investment instrument?