- Ripple CTO David Schwartz’s father purchased over one million XRP in April 2014 for approximately half a cent per token.
- With XRP currently trading around $0.51, those tokens are now worth over $500,000.
- Schwartz’s father’s scored an easy 10,000% with his investment.
Cryptocurrency trader Alex Cobb recently asked his community about the lowest price they’ve paid for Ripple (XRP). While many shared purchases around $0.07 to $0.12, Ripple CTO David Schwartz revealed his father’s particularly well-timed 2014 investment.
In a comment, Schwartz shared that his father had bought over one million XRP in April 2014 through the Justcoin exchange at approximately half a cent per token. This totaled around $5,000 at the time.
With XRP currently trading around $0.51, those tokens are now worth over $500,000, representing gains of nearly 10,000% in under a decade.
Ripple has had a remarkable journey since its inception. However, the prime growth of the company was hindered by the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) back in 2020. The prolonged lawsuit had a negative impact on the price of XRP as well as affected its growth drastically.
Following the judge’s ruling that XRP did not violate federal securities law in July, the price witnessed a notable surge. However, it was shortlived as the bearish market sentiment got the best of the gains.
According to the latest data from CoinMarketCap, XRP is down by 2.6% in the last 24 hours, alongside the whole cryptocurrency market, which is down at the present. The token saw a single-digit surge in value up to $0.52 when the price of BTC breached $28,000 yesterday.
However, XRP still has a long way to go to reach its all-time high of $3.84. At press time, XRP was down by 86% from its all-time high in 2018.
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