The XRP token has attracted much attention, especially because of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). This has led to speculations on whether Ripple is able to control the XRP price or not. So crypto analysts have chimed in to share their opinions.
No Ripple Effect On XRP?
Pro-XRP influencer Crypto Eri stated in a tweet that she doesn’t rely on the “efforts of Ripple” to increase XRP’s value. She suggested that the crypto company hasn’t done much to grow the token as it accounts for a “single digit impact on volume.”
Unlike DAI, I don’t rely on the efforts of Ripple to build up the price of XRP. Never have, never will. Especially with accounting for single digit impact on volume. It’s surprising after surviving the SEC attack, anyone would subscribe to this reliance. https://t.co/XG2bA6qsva
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) September 4, 2023
There is a common belief that token issuers should be able to control and drive up the price of their tokens, whether through their marketing efforts, a deflationary mechanism, or simply increasing the use cases of their tokens to send a bullish signal to the crypto community.
In Ripple’s case, Eri believes holders shouldn’t rely on the company, especially after “surviving” the SEC attack. While her stance is unclear, many may argue that Ripple’s effort in its case against the SEC shows its commitment to building the ecosystem and promoting mass adoption of its token.
Eri’s tweet came in reply to another pro-XRP influencer, Digital Asset Investor, who tweeted about why he was bullish on XRP. In contrast to Eri’s view, this influencer believes that Ripple’s efforts will greatly affect XRP’s value as Ripple promises to disrupt the global financial system, so he is bullish on the token.
Some would think these were things said by influencers to hype XRP. They were actually said by Ripple. This is why I’m here. I believe them.🏆🏆🏆In It To Win It!🏆🏆🏆
-XRP Could Help In A Systemic Risk Situation In another financial crisis
-XRP will be like a supranational…
— Digital Asset Investor.XRP (@digitalassetbuy) September 2, 2023
Has Ripple Had Any Effect On XRP?
It is worth mentioning that the XRP price experienced significant gains on the back of Judge Analisa Torres’ ruling in favor of Ripple. The token surged over 23% within hours of the decision and rose to as high as $0.9 due to the ruling.
Furthermore, XRP became the fourth-largest token by market cap following the decision (although it has dropped to 5th since then). However, there is no denying the potential for Ripple to go head-to-head with the foremost cryptocurrencies such as Bitcoin and Ethereum.
Interestingly, there was a significant increase in daily transactions conducted on the XRP ledger, with more transactions conducted on the blockchain at the beginning of last month than leading blockchains Ethereum and Bitcoin.
Ripple has also not rested on its efforts to develop the XRP ecosystem despite the SEC’s lawsuit against it. The crypto company is looking to expand into the tokenized assets industry by enabling trading of these asset classes on the XRP Ledger.
There are also plans to release an upgrade for the XRP Ledger, with a notable amendment being the introduction of a novel automated market maker (AMM). This update could see XRPL become a major player in the DeFi space and increase XRP’s utility, which could trigger an increase in its value.
Token price stalls at $0.50 | Source: XRPUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com