• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Ripple's Chief Technology Officer Reveals Specifics of 1 Million XRP Purchase at $0.005

Ripple's Chief Technology Officer Reveals Specifics of 1 Million XRP Purchase at $0.005

user avatar

by Max Nevskyi

2 years ago


The revelation surfaced in response to a query from Alex Cobb, a prominent figure and trader within the XRP community. Cobb had turned to X to inquire about the lowest prices at which fellow XRP enthusiasts had acquired the cryptocurrency.

Among the responses from community members, figures like $0.11, $0.13, and $0.17 were mentioned. However, the disclosure that truly stood out came from David Schwartz. He disclosed an astonishing fact that his father had acquired more than 1 million XRP tokens back in April 2014, paying a mere $0.005 per XRP.

My father bought over a million XRP in April of 2014 from Justcoin at about a half penny per XRP.David "JoelKatz" Schwartz (@JoelKatz) October 3, 2023

The recent revelation has sparked a flurry of reactions within the XRP community, primarily due to the substantial returns this investment could have yielded if purchased and held for an extended period. Notably, the current price of XRP represents one of its lowest points, and historical data confirms that the cryptocurrency traded at this level back in April 2014.

To provide some context, it's worth noting that XRP experienced a significant surge to $0.0614 on December 5, 2013, shortly after its introduction to the market. However, the cryptocurrency subsequently underwent a correction over the following months, reaching a low point of $0.00538 in the last week of April 2014. It's reasonable to assume that Mr. Schwartz's father acquired these tokens during this period.

To put things into perspective, let's imagine he purchased 1 million XRP at that time, which would have cost $5,000 at the rate of $0.005 per XRP. If he had held onto these tokens until XRP's all-time high of $3.3 in January 2018, their value would have skyrocketed to an astonishing $3.3 million, resulting in a profit of over $3.2 million.

Even if he had continued to hold onto these assets until today, they would still be valued at $507,000, considering XRP's current price of $0.5074. While the value of these tokens may have fluctuated since January 2018, the investment would still have seen an impressive increase of 10,048% if maintained.

Schwartz's disclosure serves as a reminder of the allure of entering a market at an early stage. Like many other cryptocurrencies, XRP has proven its resilience over time, delivering substantial returns to those who adopted it early on. Despite the recent market turbulence, the cryptocurrency is still up by a remarkable 18,126% from its all-time low.

Now, the burning question on the minds of most investors is whether XRP still has the potential for another significant upswing. Several analysts have made optimistic projections, suggesting the possibility of astronomical price rallies, such as reaching $39, $90, or even $249 in the future.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Traders Eye Hyperliquids as Price Approaches Key 34 Mark

chest

Traders are closely monitoring Hyperliquids as it hovers around the 34 mark, indicating a potential make-or-break moment.

user avatarAndrew Smith

Polygon Expands as a Leading Layer-2 Solution

chest

Polygon is enhancing its ecosystem with practical utility and scalability under its Polygon 2.0 roadmap.

user avatarJacob Williams

Key Growth Drivers in Crypto and Stock Markets Identified by Alex Thorn

chest

Alex Thorn from Galaxy Digital highlights AI, stablecoins, and tokenization as crucial factors for market growth.

user avatarZainab Kamara

Innovative Use of NFT LP Positions in MET Token Launch

chest

Meteora introduces NFTs as initial liquidity positions for the MET token launch on October 23, 2023, aiming to reduce selloffs and promote long-term investor engagement.

user avatarSon Min-ho

Meteora and Jupiter Collaborate for MET Token Liquidity Generation Event

chest

Meteora collaborates with Jupiter for a live Q&A on October 22, 2023, focusing on the MET tokens Liquidity Generation Event mechanics.

user avatarAyman Ben Youssef

Cardano and Cronos Show Resilience in Crypto Market

chest

Cardano and Cronos are showing strong growth and adoption in the current cryptocurrency market.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.