- Schwartz said about the outcome of the SEC lawsuit that it will not affect the existence of XRP because the market cap is too big.
- According to the Ripple CTO, Stellar has a “very similar” technology, but a different strategy.
Ripple’s Chief Technology Officer (CTO), David Schwartz, spoke with Coindesk TV about recent developments in its legal battle with the SEC, the supposed reasons for the recent XRP price pump, and the differences between his company and Stellar. Regarding Ripple’s recent victory in court, under which the company is obtaining access to external and partially internal SEC documents regarding the classification of Bitcoin and Ethereum as non-securities, Schwartz stated that the SEC lawsuit came out of nowhere:
I think the primary argument that we’re trying to make here is that the market considers them similar, we consider them similar, all the evidence suggests that they are similar. And then the SEC comes out of nowhere, and says ‘No’, they are completely different.
Schwartz also addressed the question of whether the outcome of the court case could affect the existence of XRP. But the Ripple CTO dismissed that suggestion, effectively saying that XRP is too big to fail. The only reason to be “concerned is that it’s always hard to tell,” Schwartz said.
“A good example,” according to Schwartz, is Bitcoin’s drama over block size expansion. “It all worked out okay, but there wasn’t certainly a lack of drama. […] And the reason not to worry, I would say, because the market caps of these systems are in the billions of dollars. People acting in their own self-interest are not going to allow the ecosystem to die if there’s a way to save it,” as Schwartz explained.
“That’s all that’s holding these systems together. The governing bodies don’t have any legal authority to control these systems. It’s just people want them to work,” Schwartz continued.
Schwartz on the XRP pump and Stellar as a competitor
Schwartz, meanwhile, was hesitant to offer firm reasons for XRP’s recent price surge, but suggested that rumors of a relisting of XRP by Coinbase “may have triggered some upward movement.” In addition, he expressed that the SEC litigation hearing and related hopes “might have impacted the price, but these are just guesses.”
Moreover, the hosts also confronted Schwartz about the progress of perceived nemesis, Stellar and its founder Jed McCaleb. As CNF reported, Stellar is currently being used to develop two central bank digital currencies, the Bermuda dollar and e-Hryvnia in Ukraine.
The Ripple CTO began by highlighting the differences between the two projects, explaining that Ripple as a company “made a big bet in 2014/2015 on enterprise payments and XRP as a payment solution”. He continued:
We directly worked very hard on allowing banks and financial institutions to be able to use XRP as a way to settle their payments in just a few seconds, and as an alternative to the corresponding banking system. There’s a lot of work involved in doing that. […] I think we made a lot more progress on that. We have millions of transactions that take place […] on the RippleNet by financial institutions.
At the same time, Schwartz elicited that the technologies are “very similar,” as Stellar “basically started copying the XRP ledger”. Nevertheless, over time, he said, the direction of the projects have changed significantly:
So there are similarities on in terms of the technology, but there are a lot of differences on the way we’re perceived in the market. […] If you look at the projects being build on the XRP Ledger, and look at the projects being build on Stellar, they are different projects, even though the technologies are similar.
Recommended for you:
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- What is Ripple (XRP)?
This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
Jake Simmons
Jake Simmons was the former founder and managing partner at CNF. He has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he has been involved with the subject every day.Prior to Crypto News Flash, Jake studied computer science and worked for 2 years for a startup in the blockchain sector.Business Email: info@crypto-news-flash.com Phone: +49 160 92211628
FAQs
“If Ripple wins the lawsuit, it could lead to a significant positive sentiment shift towards XRP. A victory might mean less regulatory uncertainty for XRP, potentially increasing investor confidence and leading to an influx of investment.”
Does market cap matter for XRP? ›
With a total supply of 100 billion and a circulating supply of around 52 billion, reaching high prices would demand a massive market capitalisation increase or a massive token supply reduction. XRP's utility in facilitating efficient international transactions can influence demand and, consequently, its price.
What is the market cap limit for XRP? ›
XRP Price Live Data
The current CoinMarketCap ranking is #7, with a live market cap of $29,107,537,276 USD. It has a circulating supply of 55,288,951,055 XRP coins and a max. supply of 100,000,000,000 XRP coins.
How long will the XRP lawsuit last? ›
Experts are predicting a potential end date for the lawsuit at the district court level by July or August 2024. This means a ruling on the core issue could be issued soon. This timeframe provides some much-needed relief for investors who have been anxiously waiting for a resolution.
What will XRP be worth if it wins a lawsuit? ›
Can Ripple (XRP) ever reach $1,000 if they win the lawsuits? The lawsuits have nothing to do with Ripple as a company and the suits are against its two directors. The price will be decided based purely on speculation in the retail market. It can go to any level according to the demand it can create.
What will the price of XRP be if they win the lawsuit in 2025? ›
XRP broke out of a short-term downtrend at the start of February, bouncing off key support at $0.50. Provided Ripple wins its case against the SEC, our XRP forecast predicts a price of $4.50 by the end of 2025.
How high can XRP realistically go? ›
Cryptonewsz.com has a XRP forecast that says the price of Ripple will continue to climb as well, but is much more bullish than Digital Coin Price, as by 2030 they expect that the average price of of Ripple could climb to as high as $9.81.
Can XRP reach 100 dollars? ›
Can XRP price reach $100? While it's theoretically possible for XRP to reach this price, it would require substantial market shifts or a major supply reduction. If the project were to reform significantly to drive value to the XRP token, there is every chance that XRP could soar to new highs.
Will XRP ever be worth a lot? ›
If the crypto market cap hits $3 trillion and XRP retains its current 1.18% dominance, its price could ascend to $0.636 by 2025. In a more bullish scenario of the crypto market surging to $10 Trillion, the price of XRP could soar to a staggering $1.12, resulting in a potential 6x return for investors by 2030.
How much is 1,000 XRP shares worth? ›
About Ripple
| XRP | USD |
|---|
| 100 XRP | 52.80 USD |
| 500 XRP | 264.03 USD |
| 1,000 XRP | 528.07 USD |
| 5,000 XRP | 2,640.36 USD |
7 more rowsXRP Prediction Table
| Year | Minimum Price | Average Price |
|---|
| 2030 | $6.15 | $6.33 |
| 2031 | $9.12 | $9.38 |
| 2032 | $13.42 | $13.89 |
| 2033 | $19.69 | $20.38 |
8 more rowsXRP Price Summaries
XRP's price today is US$0.5325, with a 24-hour trading volume of $2.32 B.
What will happen if XRP loses the case? ›
However, if Ripple loses all appeals, the SEC is likely to collect the $1.3 billion (the amount that the regulator alleges that Ripple earned from the unregistered securities sale) and offer XRP holders an option to sell their holdings.
Who will win, XRP or SEC? ›
Both parties were partially victorious—the SEC emerged with authority over sales to institutions, and exchanges can allow cryptocurrency trades as the decision supports the view that cryptocurrency transactions on exchanges are not securities transactions.
Can XRP be cashed out? ›
At the current Ripple price, one XRP is worth $0.535471. Kraken makes it easy to sell Ripple for USD in minutes. How do I get my money after selling Ripple? After you sell your Ripple using Kraken, you can use our flexible funding options to withdraw your cash to your bank account in as little as 0-5 business days.
Will XRP skyrocket after a lawsuit? ›
Key Points. XRP's price continues to languish under $1, primarily due to an ongoing legal battle with the SEC. A legal settlement with the SEC this year could send XRP's price soaring. Other XRP catalysts -- such as a potential spot ETF launch -- remain highly speculative at best.
How high could XRP go? ›
With most XRP future Ripple price predictions however, It's generally expected that Ripple should be worth more in 2024 than it is now, with some pundits suggesting that it could be worth as high as a maximum price of $4.
Will Ripple reach 10 dollars? ›
Will $XRP reach $10 by the end of 2024? According to Changelly, XRP could reach $10 around July 2031, nearly seven years from now. Furthermore, the platform predicts XRP will surpass the $500 mark sometime between 2040 and 2050. However, there could be some headwinds for Ripple's XRP token price this year.
