Ripple CTO Pokes Holes At Theories Suggesting XRP Priced $327k On Private Ledger
Rumors that XRP is priced higher on the private chain have resurfaced.
Ripple CTO David Schwartz, in a tweet yesterday, questioned the logic behind conspiracy theories suggesting that XRP is priced considerably higher on the private XRP Ledger.
The response came as a crypto influencer, @CryptoGeekNews, shared a clip suggesting that Ripple had priced XRP as high as $327,000 on the private ledger. Notably, the influencer also shared a more extended version of the video on his YouTube channel to his over 11k subscribers, describing the individual that claims to have seen proof of the price variation in the clip as “a major venture capitalist.”
However, The Crypto Basic found that the person in question was another influencer with a YouTube channel called Black Swan Capitalist. It is worth noting that the influencer with 15k subscribers dedicates most of his content to XRP and is known for false albeit bullish narratives about XRP.
In response to yesterday’s speculations, Schwartz questioned why arbitrageurs were not actively taking advantage of the price variation if the asset in question was XRP.
“If it can’t be arb’d, why would you call it XRP?” Schwartz tweeted. “Why wouldn’t it be a completely different asset?”
If it can’t be arb’d, why would you call it XRP? Why wouldn’t it be a completely different asset?
— David “JoelKatz” Schwartz (@JoelKatz) November 30, 2022
Notably, the speculations also got the attention of former Ripple Director of Engineering Nik Bougalis, who wondered if anyone took these theories seriously.
As highlighted by another influencer, it bears mentioning that these narratives are a recurring theme in the XRP community. Schwartz also had to debunk similar rumors in an interview in April, saying, “it doesn’t make sense.”
Recall that Ripple launched the private XRP Ledger in March to support central bank digital currencies. While Ripple says the blockchain employs the same underlying technology as the public XRP Ledger, there is no clarity on whether the private ledger has a native token. Moreover, even if it did, it would be a different asset entirely for several reasons, including tokenomics and market forces.
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