Investors Furious as XRP Plunges to $1.16... Former Ripple CTO Refutes, "Has Little Influence on Price"

▲ David Schwartz, XRP/AI generated image ©

As XRP (Ripple) fell to $1.16, nearly halving its value in a year, Ripple's former Chief Technology Officer (CTO) David Schwartz countered investors' criticism of the price slump by stating his influence is extremely limited.

According to crypto news outlet CryptoNews on November 8 (local time), Schwartz stated on social media platform X on the 7th, in response to an investor's question about responsibility for the XRP price drop, that while he cannot definitively say his actions or statements have no impact on the price, their influence is very small. This controversy began when Schwartz pointed out that some users were repeatedly leaving XRP-related criticisms and promotional comments even on posts unrelated to cryptocurrency.

One investor asserted that holders' anger over XRP's sluggish price performance was not unfounded, questioning Schwartz's responsibility. They further claimed that Ripple had not adequately corrected the spread of unrealistic price expectations and had allowed some influencers to promote excessive upward forecasts. Schwartz admitted that his influence was not entirely absent, but no specific actions that caused this price drop have been identified. He had previously denied claims that Ripple controlled the means to dramatically boost XRP's price and interpretations that his past statements regarding liquidity guaranteed a price increase.

Schwartz emphasized that the problem was the repeated interference in unrelated conversations rather than the criticism itself. He stated that he had begun blocking accounts that posted fraud allegations, abusive language, or XRP promotional messages in conversations with other users. However, he clarified that criticizing his actions with specific evidence in relevant posts is allowed. Users blocked for inappropriate comments can also request to be unblocked if they promise not to repeat the same behavior.

Meanwhile, as of November 8, XRP was trading around $1.16, having dropped approximately 1% in the last 24 hours. The weekly decline reached 7.35%, and the monthly decline was 17.17%, with the year-on-year drop expanding to 49.78%. This is significantly below its all-time high of $3.65 recorded in July last year. XRP's market capitalization was approximately $73.61 billion, ranking it 5th in the cryptocurrency market, and its 24-hour trading volume was reported to be around $865.6 million.

Technical indicators also support the bearish trend. XRP's Relative Strength Index (RSI) is 31.24, close to the oversold threshold of 30, and the Moving Average Convergence Divergence (MACD) is -0.0474, below the signal line of -0.0387, indicating that downward momentum is being maintained. The short-term support level is $1.15, and if that price breaks, a further drop to $1.10 is possible. Conversely, if it recovers to $1.20, the $1.30 range is considered the next upward target. Schwartz has maintained his relationship with Ripple even after stepping down from his day-to-day CTO duties at the end of 2025.

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