- Crypto influencers are divided on whether Ripple’s activities significantly impact XRP’s market value.
- Despite Ripple’s ongoing legal challenges, XRP experienced a substantial price surge following a favorable court ruling, raising questions about Ripple’s influence.
The Tug-of-War in Sentiment
As Ripple grapples with the U.S. Securities and Exchange Commission (SEC), the ensuing turbulence has fueled debate over the company’s ability to manipulate or steer XRP prices. Crypto influencers are weighing in with divergent views, leading to a complex understanding of the causality between Ripple’s actions and XRP’s market value.
Prominent pro-XRP influencer, Crypto Eri, stated via Twitter that Ripple‘s influence on XRP is relatively marginal, describing it as a
“single-digit impact on volume.”
She further articulated that she doesn’t base her investment strategy on Ripple’s potential to elevate XRP’s market cap. This comes on the heels of Ripple’s recent courtroom victory, raising the question of whether Ripple’s activities should indeed correlate with XRP’s performance.
This sentiment was countered by another crypto analyst, Digital Asset Investor, who displayed an opposite conviction. He contended that Ripple’s ambition to disrupt the global financial system would inevitably buoy XRP’s value.
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Ripple’s Legal Milestone and Market Repercussions
Notably, XRP’s market behavior offers another lens to gauge Ripple‘s influence. Following a ruling in favor of Ripple by Judge Analisa Torres, XRP experienced a 23% leap in its price, peaking at $0.9. This surge catapulted XRP to become the fourth-largest cryptocurrency by market capitalization, albeit temporarily. The rapid price ascension has made market observers ponder on the direct or indirect role Ripple may play in influencing XRP’s market value.
Moreover, XRP’s ledger experienced an uptick in daily transactions last month, exceeding that of leading blockchains like Ethereum and Bitcoin. This suggests an organic growth in the XRP ecosystem, irrespective of Ripple’s ongoing legal wranglings.
Further, Ripple has continued to lay the groundwork for the XRP ecosystem’s expansion. Among the initiatives in the pipeline is an upgrade to the XRP Ledger, featuring the introduction of an Automated Market Maker (AMM). This could potentially make the XRPL a significant player in the burgeoning DeFi sector, amplifying XRP’s utility and possibly its value.
As the discourse unfolds, the complexity of Ripple‘s relationship with XRP’s market valuation remains an open question, fueling continued scrutiny and dialogue in the crypto community.
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