Recently, cryptocurrency trader Alex Cobb asked his community about the lowest price they had paid to buy XRP. Many shared purchases ranging from $0.07 to $0.12, but Ripple 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 Justcoin exchange 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 some kind of insider trading, but the question remained unanswered.
Ripple and XRP have experienced significant growth since their launch. However, this growth has been 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 significantly affected its growth.
After the judge’s decision that XRP did not violate federal securities laws in July, the price witnessed a major surge. However, this 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 currently 86% below its historical peak recorded in 2018.
Regarding the short-term price of XRP, analyst Dark Defender said that the token has a high chance of reaching $0.66, but only if it doesn’t lose the support level of $0.50. This is especially important considering that XRP has remained stagnant at this level for almost the entire month of September.