Wall Street Analyst Says XRP Will Rise in Price Citing David Schwartz

While XRP may not be a well-performing token, a renowned financial analyst from Wall Street believes XRP is primed for significant growth by citing its potential role in becoming the world’s trustless reserve currency.

In a recent post on X, Wall Street analyst Linda Jones sought to reassure XRP holders amid persistent concerns about the asset’s underperformance.

Jones argued that worries that XRP may remain stagnant without significant growth are short-sighted views. 

She pointed to a statement from Ripple’s CTO, David Schwartz, suggesting that countries could adopt digital assets like XRP as a global reserve currency. This assertion formed the basis of her perspective.

“All this concern that XRP will never rise in price is debunked with David Schwartz’s comment,” Jones remarked.

All this concern that XRP will never rise in price is debunked with David Schwartz’s comment in a Space about how countries didn’t want another country creating a new world reserve currency because it gives that country too much control over others. They would, however, agree on…

— Linda P. Jones (@LindaPJones) February 17, 2024

XRP as a Global Reserve Currency

Notably, Ripple’s CTO proposed this idea last year during an X-Space conversation.

During the forum, Schwartz answered a question about the potential coexistence of two global reserve currencies. He confirmed its feasibility during the discussion, emphasizing that many countries are already weary of relying on the US dollar as the primary reserve currency.

Schwartz pointed out that in such a scenario, many countries are open to exploring alternatives.

Building on this premise, he articulated that countries admitting the limitations of the USD as the exclusive reserve currency is his exemplary success case scenario for cryptocurrencies.

He explained that should a discussion about a new world reserve currency emerge, countries would favor trustless systems rather than accept another currency under the control of their political adversaries.

The Ripple CTO suggested that this situation could offer the most promising route for the success of cryptocurrencies like XRP, which maintains their neutrality and decentralization.

Additionally, Schwartz highlighted that it would not be a concern if choosing cryptocurrencies like XRP as the world reserve currency results in wealth for holders. In his words:

“If the choice is no boss, [and] that happens to make a bunch of cryptocurrency people rich, I don’t think that’s too much of a minus.” 

Community Reacts

After Linda Jones revisited Schwartz’s statement, crypto community members raised concerns about why countries would opt for XRP specifically.

They countered that cryptocurrencies are relatively simple to create, and nations could develop one that better suits their needs. 

Moreover, there were concerns about why countries would opt for a volatile asset like XRP when they could pick a stablecoin.

Meanwhile, others challenged this perspective by pointing out that stablecoins would once again require backing from a fiat currency, precisely what they were trying to avoid.