The XRP token has been a topic of intense discussion in recent times, particularly due to Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). This has raised questions about Ripple’s ability to influence the price of XRP. In this article, we will analyze different perspectives on this matter and explore the potential impact of Ripple’s actions on the value of XRP.
The Perspective of Pro-XRP Influencers
One prominent pro-XRP influencer, Crypto Eri, recently expressed her skepticism about relying on Ripple’s efforts to boost the price of XRP. According to her, Ripple’s contributions to the token’s growth have been minimal, accounting for only a “single digit impact on volume.” This perspective challenges the commonly held belief that token issuers should have control over the price of their tokens. Eri’s stance seems to suggest that XRP holders should not place their faith solely in Ripple’s hands, especially after successfully defending against the SEC lawsuit.
On the other hand, Digital Asset Investor, another pro-XRP influencer, holds a different opinion. He firmly believes in Ripple’s potential to disrupt the global financial system, consequently impacting the value of XRP. He highlights Ripple’s active efforts and commitment to building a robust ecosystem and driving mass adoption. Digital Asset Investor sees Ripple’s goals aligning closely with the interests of XRP holders, making him bullish on the token’s prospects.
The recent ruling in favor of Ripple by Judge Analisa Torres had a significant impact on the price of XRP. Within hours of the decision, the token experienced a surge of over 23%, reaching a high of $0.9. This ruling propelled XRP to become the fourth-largest token by market capitalization. While it has slipped to the fifth position since then, it underscores the potential for Ripple to compete with leading cryptocurrencies like Bitcoin and Ethereum.
Additionally, there has been a noteworthy increase in daily transactions conducted on the XRP ledger. In the first month alone, more transactions occurred on the XRP blockchain than on Ethereum and Bitcoin. This surge in activity indicates growing interest and utilization of XRP, which can potentially contribute to its value.
Despite facing the SEC’s lawsuit, Ripple has not halted its initiatives aimed at expanding the XRP ecosystem. The company is actively exploring opportunities in the tokenized assets industry by enabling the trading of these asset classes on the XRP Ledger. This move signifies Ripple’s determination to establish XRP as a versatile and widely adopted cryptocurrency.
Furthermore, Ripple plans to introduce an upgrade to the XRP Ledger that includes a novel automated market maker (AMM). If implemented successfully, this update could position XRPL as a significant player in the decentralized finance (DeFi) space. The increased utility and functionality of XRP resulting from these developments could potentially trigger a surge in its value.
The question of whether Ripple can control the price of XRP remains a topic of debate. While some influencers, like Crypto Eri, express doubts about relying solely on Ripple’s efforts, others, like Digital Asset Investor, have faith in Ripple’s ability to drive the value of XRP. The recent legal victory and Ripple’s persistent efforts to develop the XRP ecosystem indicate the potential for significant growth in the token’s value. As the crypto market continues to evolve, only time will reveal the true extent of Ripple’s influence on XRP’s price.