Ripple CTO Clarifies XRP’s True All-Time High Amid Market Confusion

·

The cryptocurrency community has long believed that XRP reached an all-time high (ATH) of **$3.84** in early January 2018. This figure, widely cited across major data platforms like CoinMarketCap (CMC) and other financial tracking services, has shaped investor expectations and market narratives for years. However, David Schwartz, the Chief Technology Officer (CTO) of Ripple, has stepped in to correct this misconception—revealing that the $3.84 price point is not an accurate reflection of real-world trading value.

Through a series of tweets in April 2023, Schwartz clarified that the so-called $3.84 ATH was calculated using flawed exchange rate assumptions—specifically, the official Korean won (KRW) exchange rate—which does not reflect actual market conditions in South Korea.

That $3.84 is a misleading number because it includes Korean exchange rates valuing the Won at the official exchange rate, which you could not actually get. It was never possible to actually get $3.84 for one XRP.
— David "JoelKatz" Schwartz

This distinction is crucial for understanding how global crypto prices are aggregated and why regional discrepancies can distort overall market perception.

Why the $3.84 Figure Is Misleading

The root of the confusion lies in how international exchange rates are applied when converting local cryptocurrency prices into U.S. dollars. In South Korea, where XRP has maintained strong popularity among retail investors, trading volumes on domestic exchanges contributed significantly to global price averages.

However, due to capital controls and limited liquidity for moving funds out of the country, the internal purchasing power of the Korean won differs from its official international exchange rate. While global data aggregators use the official KRW-to-USD rate—typically lower than what South Koreans experience locally—the real cost of buying XRP in KRW is higher when converted fairly.

👉 Discover how real-time crypto valuations are reshaping investor strategies

In essence:

As Schwartz explained:

It did not trade at $3.84 because Won in South Korea are worth less than won outside the region, but the price for won outside the region was used. That $3.84 number is just wrong and does not accurately state the value traded.

This means that while some exchanges may have listed XRP at a KRW equivalent of $3.84, no trader could realistically convert that value into USD at that rate. The figure, therefore, represents a theoretical maximum, not a practical market price.

Parallels in Other Emerging Markets

This isn't an isolated issue limited to South Korea. A similar phenomenon occurs in Nigeria, where cryptocurrency adoption remains high despite regulatory challenges.

As of recent data, XRP trades at approximately 336 Nigerian naira (NGN) on Luno, a popular exchange in Africa. However, there are two key exchange rates in play:

If CoinMarketCap were to calculate XRP’s price using the official exchange rate, it would convert 336 NGN to about $0.72 per XRP**—significantly above the current global market price of around **$0.45.

But here's the catch: most Nigerians cannot access foreign currency at the official rate. They operate under the parallel market rate, where their purchasing power is much lower. Thus, reporting XRP at $0.72 based on an unrealistic conversion skews perception just as the KRW data did.

This reinforces Schwartz’s broader argument: using official exchange rates without accounting for on-the-ground economic realities leads to inaccurate price reporting.

What Is XRP’s Real All-Time High?

After dissecting the data and correcting for these distortions, David Schwartz confirmed that XRP’s **true all-time high is closer to $2.80**, not $3.84.

XRP once had a reported price of well over $3. But that price was computed including exchanges where the asset on the other side was converted into dollars using an "official exchange rate" that was too high. The real all-time high is about $2.80.
— David Schwartz, April 8, 2023

This revised figure aligns more closely with verified trading data from major international exchanges such as Binance, Kraken, and Bitstamp during the 2017–2018 bull run. On these platforms, XRP peaked near $2.75–$2.80 before correcting sharply alongside the broader market downturn.

While $2.80 may seem less impressive than $3.84, it reflects a more accurate and tradable market high—one that investors can rely on when evaluating historical performance and future potential.

Core Keywords Identified

These keywords naturally appear throughout the discussion, enhancing SEO relevance while maintaining readability and informational depth.

FAQ: Common Questions About XRP’s Price History

Q: Why do some websites still show XRP’s ATH as $3.84?
A: Many data aggregators pull prices from multiple exchanges and use standard fiat conversion rates without adjusting for regional economic distortions. Until methodology improves, outdated or inflated figures may persist.

Q: Can regional exchange imbalances affect other cryptocurrencies?
A: Yes. Any digital asset with significant trading volume in markets with restricted capital flows (e.g., Nigeria, Venezuela, Iran) can suffer from similar valuation inaccuracies.

Q: Does this mean XRP performed worse than previously thought?
A: Not necessarily. Adjusting the ATH doesn’t diminish XRP’s historical performance—it simply provides a clearer picture of actual market conditions.

Q: How should investors interpret this correction?
A: Investors should focus on realizable value, not theoretical highs. Understanding how prices are derived helps avoid overestimating growth milestones.

Q: Has Ripple officially updated its public statements on XRP’s price history?
A: While Ripple hasn’t issued a formal press release, David Schwartz’s clarification carries significant weight given his role as CTO and lead architect of the XRP Ledger.

👉 Explore live XRP price analytics and avoid misleading metrics with trusted tools

The Bigger Picture: Transparency in Crypto Data

This episode underscores a growing need for transparency in how cryptocurrency prices are calculated and reported. As digital assets gain institutional traction, reliance on accurate, ground-level economic data becomes critical.

Price tracking platforms must consider:

Without these adjustments, even reputable sources risk spreading misinformation that influences investment decisions.

Moreover, community engagement from figures like David Schwartz plays a vital role in holding data ecosystems accountable. His intervention highlights how technical experts can—and should—help correct public misconceptions rooted in flawed data interpretation.

👉 Stay ahead with real-time insights from a leading crypto exchange platform

Final Thoughts

The revelation that XRP’s true all-time high is **$2.80**, not $3.84, is more than a minor correction—it’s a lesson in financial literacy within decentralized markets. It reminds us that behind every price tag is a complex web of economic forces, regulatory barriers, and human behavior.

For investors, developers, and analysts alike, this moment calls for greater scrutiny of data sources and a deeper understanding of global market dynamics. As the crypto space matures, accuracy must take precedence over sensationalism.

Whether you're tracking XRP or any other digital asset, always ask: Is this price something I can actually achieve—or just a number on a screen?

By prioritizing real-world tradability over inflated metrics, we move closer to a more transparent, trustworthy cryptocurrency ecosystem.