- XRP’s potential upsurge is linked to XRPL’s growing adoption, suggests Kevin Cage, an esteemed blockchain project advisor.
- Despite recent fluctuations, Cage emphasizes the intrinsic relationship between the XRPL ecosystem and XRP’s valuation.
Deepening Roots: XRPL’s Expanding Footprint in Blockchain Landscape
The burgeoning acceptance of the XRP Ledger (XRPL) stands as a testament to its potential. Despite a recent dip in investor confidence towards XRP, marked by high sell-offs, several key figures within the crypto sphere remain resolutely optimistic about its trajectory.
One such visionary is Kevin Cage, a seasoned crypto investor and advisory board member for Iron Key Capital. In an audacious divergence from prevailing skepticism, Cage posits that as adoption of the XRPL escalates, so will XRP’s market valuation.
I’ve seen some comments claiming that the #XRPL will become widely adopted, but that $XRP will NOT appreciate in value with it. That’s silly.
As liquidity, connectivity, & development grow on the XRPL, XRP will likely appreciate too. pic.twitter.com/978JOdy76g
— Kevin Cage (@Kevin_Cage_) August 27, 2023
“Contrary to a few dissenting voices,”
he states,
“I believe that as we witness a growth in liquidity, connectivity, and developmental initiatives within the XRPL, it’s a logical corollary that XRP will appreciate in tandem.”
Highlighting the XRP Ledger’s inroads into governmental and corporate sectors, Cage underscored the recent debut of the Palau Stablecoin (PSC) on the XRPL. Further magnifying its reach, Ripple joined forces with leading entity Catalyze Research in July, aiming to fortify the XRPL’s influence in South Korea.
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Why XRPL’s Momentum Matters for XRP’s Valuation
Delving deeper into his bullish sentiment, Cage emphasized XRP’s intrinsic status as the foundational token of the XRPL. He elaborated that any engagement with the XRPL — be it transactional or functional — necessitates the possession of XRP.
“Essential features, such as escrow mechanisms and payment channels, are inherently interwoven with XRP,”
he detailed.
A surge in XRPL’s uptake, as Cage deduces, will inevitably spur increased XRP utilization within its ecosystem. This surge in demand and circulation is poised to catalyze a positive uptick in XRP’s price metrics. Another driving factor, he mentions, is the incremental burning of XRP tokens. As the XRPL’s user base multiplies, the frequency of XRP burns will see an upswing, lending further impetus to its price. Offering a numerical perspective, Cage shared that a staggering 11.5 million XRP has already been expunged via network burns.
I’ve seen some comments claiming that the #XRPL will become widely adopted, but that $XRP will NOT appreciate in value with it. That’s silly.
As liquidity, connectivity, & development grow on the XRPL, XRP will likely appreciate too. pic.twitter.com/978JOdy76g
— Kevin Cage (@Kevin_Cage_) August 27, 2023
It’s worth noting that this optimistic outlook isn’t Cage’s alone. Egrag, a distinguished crypto chart analyst, recently projected an astounding 63,000% surge for XRP, hinting at a potential valuation of $333, anchored in historical data interpretations.
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