The recent rise of XRP's price to $3.65 has sparked debates among investors about whether this marks a new record for the asset. Ripple CTO David Schwartz has explained the discrepancies in data from various platforms.
Origin of the $3.84 XRP Price ATH
The frequently cited price of $3.84 as the ATH for XRP was explained by Schwartz as a result of averaging XRP/WON exchange rates from Korean exchanges using unrealistic conversion rates. This has renewed attention to the phenomenon known as the Kimchi Premium, where cryptocurrencies on South Korean exchanges trade higher than global averages.
Accurate Benchmarks Going Forward
Schwartz also pointed out that anyone who bought XRP above $3.3 either overpaid or bought shortly after the price breached that level. He has indicated that the ATH could be as low as $2.8, yet many experts agree it is closer to $3.36. Now, the price of $3.65 seems more credible as a record given the cleaner pricing data.
Consensus Among Market Experts
Despite the disagreements, experts believe XRP could soon surpass the $3.84 mark. In the lead-up to July, analysts are predicting significant growth for XRP, expecting it may reach double-digit prices.
The notion that the current XRP price of $3.65 could become a new standard emphasizes the importance of considering previously overlooked factors like the Kimchi Premium, providing more accurate data for analysis.
