The XRP token has attracted a lot of attention, mainly because of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). This has led to speculation about whether Ripple can control the XRP price or not. So crypto analysts have shared their views.
No ripple effect on XRP?
Pro-XRP influencer Crypto Eri stated in a tweet that she does not rely on Ripple’s “efforts” to increase the value of XRP. She suggested that the crypto company has not done much to grow the token as it has a “single-digit impact on volume.”
Unlike DAI, I am not relying on Ripple’s efforts to build XRP’s price. Never did, and never will. Especially when we factor in the single-digit impact on volume. Surprisingly, after surviving the SEC attack, everyone would endorse this dependency. 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 inflate the price of their tokens, either through their marketing efforts, a deflation mechanism, or simply increasing the use of their tokens to send a bullish signal to the crypto community. .
In the case of Ripple, Eri believes that holders should not rely on the company, especially after they “survived” the SEC attack. While its stance is unclear, many could argue that Ripple’s efforts in its case against the SEC demonstrate its commitment to building the ecosystem and advancing the mass adoption of its token.
Eri’s tweet was in reply to another pro-XRP influencer, Digital Asset Investor, who tweeted about why he was bullish on XRP. Contrary to Eri’s opinion, this influencer believes that Ripple’s efforts will greatly impact the value of XRP 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 can help with a systemic risk situation in a new financial crisis
-XRP will become 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 has made significant gains as a result Judgment of Judge Analisa Torres in favor of Ripple. The token rose more than 23% within hours of the decision, rising as high as $0.9 as a result of the ruling.
In addition, after the decision, XRP became the fourth largest token by market capitalization (although it has since dropped to fifth). However, there is no denying that Ripple can compete with major cryptocurrencies such as Bitcoin and Ethereum.
It is striking that there is a significant increase daily trades executed on the XRP ledgerwith more transactions being conducted on the blockchain than the leading blockchains Ethereum and Bitcoin early last month.
Ripple has also not rested on its efforts to develop the XRP ecosystem, despite the SEC’s lawsuit against it. The crypto company does looking to expand into the tokenized assets industry by enabling the trading of these asset classes on the XRP Ledger.
There are also plans for one upgrade for the XRP Ledger, with the notable amendment introducing a new Automated Market Maker (AMM). This update could see XRPL become a major player in the DeFi space and increase the usefulness of XRP, which could cause a rise in its value.
Token price stalls at $0.50 | Source: XRPUSD on Tradingview.com
Featured image of CoinMarketCap, chart from Tradingview.com