Ex-Ripple CTO David Schwartz Dismisses Unrealistic $100 XRP Price Target
TLDR
- David Schwartz says investors wouldn’t sell XRP if they believed it could hit $100.
- Ex-Ripple CTO dismisses high XRP price targets, citing market reality.
- Schwartz acknowledges his poor prediction record but stands firm on current market trends.
- XRP’s current price shows investors aren’t confident about a $100 price target.
David “JoelKatz” Schwartz, the former Chief Technology Officer (CTO) at Ripple, has expressed doubts about the possibility of XRP reaching a $100 price point in the near future. Schwartz, who played a significant role in the development of the XRP Ledger, shared his views in a social media post, warning investors not to expect any major price surges anytime soon.
Schwartz’s remarks have raised eyebrows within the crypto community, especially given the frequent price predictions made by various analysts and influencers. He stated that anyone seriously expecting XRP to hit triple digits is being unrealistic.
Market Realities and Rational Beliefs
Schwartz pointed out that if rational investors truly believed there was a 10% chance of XRP reaching $100 in the coming years, they would not be selling the coin at current prices. He explained that these investors would instead buy up as much XRP as possible, cornering the market before the price even reached $10.
“If many rational people believed that there was a 10% chance that XRP hit $100 within a few years, they definitely wouldn’t sell very much today at much less than $10,” Schwartz explained. His view is that those who believe in XRP’s potential would make large purchases, thus reducing the availability of XRP on the market at lower prices.
The current market behavior, with XRP priced at under $2, suggests that the majority of investors are not convinced by the high price predictions. Schwartz noted that the price being well below $10 indicates that most people do not see a high chance of a $100 XRP price anytime soon. If this were the case, he argued, the price would likely already be higher due to large-scale buying.
Price Predictions and Historical Context
Schwartz also took the time to reflect on his own track record when it comes to predicting crypto prices. He acknowledged that, like many others, he had underestimated the rise of XRP in the past.
He recalled how he sold some of his XRP holdings at just $0.10, a decision he now regrets in hindsight. However, he clarified that his past mistakes didn’t change his current stance on the unrealistic nature of the $100 price target for XRP.
In a response to one user asking him to denounce the $100 target, Schwartz emphasized that the cryptocurrency market often defies logic. He reminded followers that during the early days of Bitcoin, a price of $100 seemed impossible to many, yet it eventually surpassed those expectations. Despite this, Schwartz remains cautious about making predictions on XRP’s future trajectory.
The Broader Crypto Market and Its Unpredictability
Schwartz’s comments are part of a broader trend where crypto insiders are cautious about making bold price predictions. The crypto market has always been volatile, with sharp fluctuations that challenge traditional investment strategies. XRP, like other cryptocurrencies, has seen its price rise and fall dramatically, further emphasizing the unpredictable nature of this market.
At the time of Schwartz’s comments, XRP is trading at $1.76, a significant drop from its all-time high seven months ago. Despite the ongoing interest and speculation, XRP’s current price reflects the cautious attitude of the majority of investors. As Schwartz suggests, the true potential of XRP in the future is uncertain, and anyone suggesting a $100 price target is, in his words, “not telling the truth.”
The post Ex-Ripple CTO David Schwartz Dismisses Unrealistic $100 XRP Price Target appeared first on CoinCentral.
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