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Ripple CTO David Schwartz He was engaged in a dialogue with an XRP enthusiast about whether or not the $3.84 price level achieved in January 2018 was actually the all-time high for XRP.
Ripple's CTO confirmed that “ATH” was not exactly what it seemed and how it was reported by the media to the global cryptocurrency community. This discussion took place when Ripple's XRP token crossed the $3 level and is targeting an "all-time high" as it continues to move upward.
Schwartz reveals the truth about XRP ATH
One XRP enthusiast stated that $3.84 was not exactly an ATH for the XRP token, adding that this high price was pointed out due to “Korean exchange rates that are misleading people.” He recommended his audience to pick David Schwartz's brain on the issue, then tagged Ripple's CTO in his X post.
Schwartz appeared in the comment thread to confirm what User However, he said, “You can't actually sell XRP for $3.84, nor do you have to pay $3.84 to buy it.” He did not share any further details about the actual ATH reached in 2018.
Ripple's CTO explained that this high price contains "inflated amounts due to the use of 'official' currency exchange rates for Korean exchange rates." I'm attaching a link explaining a term called "premium kimchi."
The term "kimchi" refers to a dish made from cabbage that is very popular in South Korean cuisine. Since Bitcoin and cryptocurrencies are decentralized assets, unlike stocks, they can be traded at different prices on different platforms. Therefore, when it comes to South Korea, cryptocurrency prices are usually much higher than exchange prices in other parts of the world.
Related to
XRP rises 16% to $3.19
Over the past 24 hours, the price of XRP has surged, registering a massive 16% increase and touching the $3.19 level. At the time of writing this article, the coin is trading at $3.10.
XRP has risen amid rumors that following the departure of current Chairman Gary Gensler, the SEC is starting to rally. The Commission may begin dropping some encryption cases Pending in the courts now, which are not considered fraud related. Gensler's last day in office is January 25.
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