- Despite reaching a peak of $3.84 in 2018, XRP has struggled due to legal challenges and market downturns.
- Currently, XRP remains in the top ten cryptocurrencies by market cap, despite an 86.51% drop from its peak.
In a public interaction, Schwartz corrected a user’s assertion about suffering losses on their XRP holdings, highlighting that the cryptocurrency had actually increased by 1,500% since 2017.
He noted that seven years ago, XRP was trading at approximately $0.033, and holding it since then would result in an annual percentage yield of 47%.
Seven years ago was 4/19/2017. XRP was $.033 on 4/19/2017. That is a 1500% increase equivalent to an APY of 47%.
— David "JoelKatz" Schwartz (@JoelKatz) April 20, 2024
Schwartz’s clarification came after the user initially claimed they had been purchasing XRP for seven years. However, it was later revealed that their buying commenced in January 2018, following a significant drop from XRP’s all-time high of $3.84.
Since reaching its peak, XRP has faced challenges, including legal issues and market downturns, which have prevented it from achieving new highs during recent bull cycles.
In December 2020, Ripple was hit by a lawsuit from the Securities and Exchange Commission (SEC), alleging that XRP was an unregistered security. This legal challenge, coupled with a bear market in 2022, led to a substantial decline in XRP’s market value.
Read more: Ripple’s Showdown: SEC Response Deadline Nears – XRP Price Eyeing $1 Milestone
Highlighting XRP’s 1,500% growth, Schwartz aimed to show the potential long-term value of the crypto despite its recent performance issues. As of the latest data, XRP has shown some recovery, gaining 3.12% in the past 24 hours, trading at $0.5172.
This performance is notably better than many of its peers in the top ten crypto, suggesting a potential rebound or stabilization in its market position.
