Recently, cryptocurrency trader Alex Cobb asked his community what was the lowest price they paid to buy XRP. Many shared purchases in the range of $0.07 to $0.12, but Ripple’s CTO, David Schwartz, revealed a particularly successful investment made by his father in 2014.
In a comment, Schwartz shared that his father bought over 1 million XRP in April 2014, through the exchange Justcoin, for approximately half a cent per token. This amounted to about $5,000 at the time.
With XRP currently trading around $0.51, these tokens are now worth over $500,000, representing gains of nearly 10,000%. Many internet users questioned whether the Ripple CTO’s father’s investment had been something arranged, such as insider trading. In other words, trading with privileged information. But the question remained unanswered.
Ripple and XRP have experienced growth since their launch. However, this growth was hindered by the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in 2020. The prolonged lawsuit had a negative impact on the price of XRP and severely affected its growth.
After the judge’s decision that XRP did not violate federal securities laws in July, the price witnessed a significant increase. However, it was short-lived as pessimistic market sentiment prevailed.
Nevertheless, XRP still has a long way to go to reach its all-time high of $3.84 as the token is 86% below its historical peak recorded in 2018.
Regarding the short-term price of XRP, the analyst known as Dark Defender said that the token has a high chance of an uptrend and the next level is at $0.66.
“However, the level will only be reached if the altcoin does not fall below the $0.50 support level. This is especially important considering that XRP remained stagnant at this level for almost the entire month of September,” he said.