Ripple CTO David Schwartz has again debunked claims that XRP still trades below its January 2018 all-time high despite the recent run.
For context, XRP recently climbed to a local high of $3.66 during the latest market-wide rally. However, the surge triggered discussions across the XRP community about whether XRP had just set a new all-time high or merely revisited older price levels.
Has XRP Entered a Price Discovery Phase?
To join the discussion, U.S.-based crypto exchange Uphold, known for its support of XRP, asked if investors consider the latest XRP peak a new all-time high or if they still believe the recent high was still below the 2018 peak.
Responding, some users insisted XRP did reach $3.84 in January 2018, while others claimed the recent $3.66 move represented a new peak. One XRP investor said the debate didn’t really matter. Nonetheless, they pointed out that Ripple CTO David Schwartz previously dismissed the $3.84 figure as inaccurate.
The investor presented an April 2023 post from Schwartz. Notably, in the post, the Ripple CTO explained that earlier data showing XRP prices above $3 didn’t show actual market conditions.
According to him, those numbers included exchange rates from platforms that converted foreign currencies, especially the South Korean won (KRW), into U.S. dollars using inflated conversion rates. Schwartz suggested at the time that XRP’s true all-time high sat closer to $2.80.
Ripple CTO Provides Clarification on XRP ATH
Meanwhile, in a more recent response, the Ripple CTO maintained his stance. He said that very few people, if any, ever bought XRP above $3.30, unless they either overpaid or bought during a brief price spike. This challenged the belief that XRP reached $3.84 in 2018.
I don't think you'll find anyone who bought at over $3.30 unless they either paid way too much for some reason or bought in the past 24 hours.
— David 'JoelKatz' Schwartz (@JoelKatz) July 18, 2025
However, not everyone accepted this view. One proponent argued that someone must have bought XRP at $3.84 or even higher. They mentioned early XRP activity on exchanges like Poloniex, Yobit, and others, saying those platforms likely contributed to the higher figures many people still believe in.
In response, Schwartz explained that the $3.84 number likely came from average prices that included trading data from Korean exchanges. Those platforms listed XRP in Korean won and converted it to U.S. dollars using unrealistic exchange rates. To clarify his point, Schwartz highlighted an anomaly known as the Kimchi Premium.
I don't think so. The 3.84 USD price comes from averaging in XRP/WON exchange rates at Korean exchanges by converting the Won to USD at an unrealistic exchange rate.https://t.co/voMP2Mehsz
— David 'JoelKatz' Schwartz (@JoelKatz) July 18, 2025
For context, the Kimchi Premium describes a price gap where cryptocurrencies often trade higher on South Korean exchanges compared to global ones. The price difference comes from strong local demand, strict capital controls, and the challenges of moving money in and out of the country to profit from price differences.
XRP’s 2021 Peaks from International Exchanges Compared to Upbit
Interestingly, data from the 2018 bull run supports Schwartz’s explanation. For instance, Bitstamp, one of the most established global exchanges, showed XRP peaking at $3.31. Binance listed a high of $3.35, while Bitfinex showed $3.30. Also, Poloniex showed a price of $3.50. None of those matched the commonly cited $3.84.
Meanwhile, on Upbit, South Korea’s largest crypto exchange, XRP reached a high of 4,925 KRW in January 2018. At the time, the KRW/USD rate sat at about 0.00093, which pushed the converted price to around $4.4. This inflated number shows the Kimchi Premium in action.
As a result, Schwartz’s disclosure suggests XRP has already moved into price discovery with its recent $3.66 high. If the most reliable 2018 prices sat between $3.30 and $3.5, then XRP’s latest rally pushed it into uncharted territory, regardless of the overstated numbers from Korean exchanges.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
