The architect of the XRP Ledger has defended the sluggish price performance of the sixth-biggest cryptocurrency by market capitalization
Ripple’s Chief Technology Officer David Schwartz, have defended XRP price performance in a recent tweet.
After a disgruntled investor called the cryptocurrency’s price “a disgrace,” Schwartz explained that the Ripple-affiliated token is actually performing in line with other major cryptocurrencies.
The Ripple executive noted that one’s perception of XRP’s price performance depends on a specific time frame.
Schwartz has pointed to the fact that XRP has outperformed both Bitcoin (BTC) and Ethereum (ETH) on a year-to-date basis. For instance, ETH is down, but XRP is down 45%.
However, it should be noted that XRP is still down 86.41% from its all-time high that went all the way back in January 2018. It is one of the few major cryptocurrencies that failed to reach new peaks during the latest bull run. market cycle.
Yet, despite facing plenty of legal uncertainty due to the U.S. Securities and Exchange Commission’s lawsuit against Ripple, XRP managed to remain among the leading cryptocurrencies.
It is currently valued at an impressive $23.2 billion, according to data provided by CoinMarketCap, making it the sixth-largest cryptocurrency (behind only Bitcoin, Ethereum, Tether, BNB, and USD Coin).
Many of the proponents of the controversial cryptocurrency believe that a potentially positive outcome in the Ripple case could be a major tailwind for the token.
As U.Today reports, Ripple CEO Brad Garlinghouse recently predicted a high-stakes lawsuit likely to expire in 2023,
