David Schwartz, the Chief Technology Officer of Ripple, recently highlighted the remarkable growth of XRP in an effort to counter claims of underperformance. This response came after an investor, known as Mr. Karipple, expressed disappointment in the lack of substantial gains from holding XRP since 2017.
Mr. Karipple went so far as to say it was “unbelievable” that he hadn’t become a millionaire and suggested that investing in “trash coins” would have been more profitable. He was likely referring to the surge in meme coins that have gained popularity since Dogecoin’s rise.
Interestingly, these meme coins, despite lacking utility, have indeed provided significant returns for early investors. For example, one trader turned $242 into $250,000 by trading a Solana-based memecoin called MELON. Another investor made $1.5 million with just $42 invested in SILLY, another Solana memecoin.
These success stories have led individuals like Mr. Karipple to question the slower growth of mainstream assets. He expressed frustration, saying, “Now all of shit coins people laughing so hard at me.”
In response to this complaint, David Schwartz pointed out that XRP has actually been on a positive trajectory over the past seven years. He noted that exactly seven years ago, on April 19, 2017, XRP was valued at $0.033. Chart data confirms this, with XRP reaching a high of $0.03319 on that day.
Currently priced at $0.5333, XRP has seen a remarkable increase of 1,506% since April 19, 2017. Schwartz emphasized that this growth rate translates to an Annual Percentage Yield (APY) of 47%, far surpassing the national average APY for savings accounts in the United States, which stands at 0.57%.
However, despite this growth, XRP’s performance still falls short compared to many other cryptocurrencies, particularly meme coins. It is important to note that investing in meme coins carries higher risks, including the potential for massive crashes and fraudulent schemes.
Nevertheless, Mr. Karipple is not alone in expressing disappointment with XRP’s performance compared to other crypto assets. Some individuals attribute the slower growth to price suppression resulting from Ripple’s XRP sales. Schwartz has consistently refuted these claims.
In response to these discussions, Australian-based attorney Bill Morgan pointed out the volatility associated with crypto assets like XRP. He revealed that while investors who bought XRP seven years ago are now seeing gains, those who purchased it six years ago are down 32%. Interestingly, those who bought XRP five years ago have seen a 57% increase.
Morgan shared this data to highlight the unpredictable nature of crypto assets like XRP. On the other hand, Mr. Karipple dismissed Schwartz’s claims of gains from his XRP investment, noting that he had purchased XRP at various prices, including the all-time high of $3.8, using dollar-cost averaging.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect 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 incurred.