Versan Aljarrah of Black Swan Capitalist makes a broader case for XRP than the usual market cycle forecast. In an X-post titled How
Aljarrahs central point is that the XRP debate is caught in the wrong frame. “The conversation around XRP is mostly clouded by speculation and price predictions,” he wrote. “But beneath all the noise lies a much more fascinating story, one that bridges regulation, sovereign integration and institutional recognition at the highest levels of global finance. The true potential for
How XRP is becoming a global reserve asset
That thesis rests on three pillars. “To understand how XRP evolves into a global reserve, there are a few pillars that need to align: sovereign adoption, regulatory clarity, and institutional recognition, which ultimately comes from the IMF,” Aljarrah wrote. According to him, the process begins with the use of the nation state rather than with the enthusiasm of the market.
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He argues that reserve assets derive legitimacy from official acceptance, not price action. “Before any asset can become a global reserve instrument, it first needs sovereign legitimacy,” he wrote. “Reserve assets, whether gold, the US dollar or electronic special drawing rights (ESDRs), derive their credibility not from market speculation, but from their acceptance and use by nation states.”
From there, Aljarrah shifts to how XRP could fit into cross-border financing, especially for countries looking to reduce dependence on dollar-based settlement systems. “Emerging markets are all exploring blockchain-based solutions to improve liquidity, reduce costs and stabilize their currencies,” he wrote. “For countries with volatile or dollar-dependent economies such as the BRICS, XRP’s design offers a unique advantage as a neutral settlement bridge, meaning it can connect local currencies without forcing countries into the geopolitical influence of the military-industrial complex that comes with the dollar-based system.”
That leads to one of the strongest claims in the thread. “Therefore, it is not a matter of ‘if’, but of ‘when’ countries will use XRP to solve monetary inefficiencies,” Aljarrah said. “Countries around the world have already integrated XRP into their payment rails and are already using it for cross-border payments, setting the stage for global institutional recognition.”
According to him, the next phase is legal clarity. Aljarrah points to the CLARITY Act as a turning point because it could make XRP more accessible to institutions and governments if Ripple’s influence on supply is reduced far enough.
“By reducing its holdings, Ripple effectively decentralizes its influence over XRP, making it legally neutral, non-sovereign, and globally accessible requirements for an asset to reach reserve and settlement status,” he wrote. “Once Ripple shares fall below the Clarity Act compliance thresholds, institutional adoption will accelerate and sovereign countries will be able to hold and transact with XRP without triggering securities laws.”
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Only after these two conditions have been met will Aljarrah involve the IMF. He argues that in a tokenized financial system, XRP could become akin to a programmable reserve settlement instrument. “Once integrated as a reserve asset, XRP’s valuation would be determined by its settlement utility, liquidity depth and transaction output within a network of sovereign participants and multilateral institutions such as the BRICS,” he wrote.
“This is probably the most important piece because price discovery would shift from noise to institutional liquidity corridors, where the value reflects the asset’s function in global settlement operations. Essentially, the price of XRP would be measured by the amount of value it moves.”
Aljarrah concludes by viewing XRP less as a speculative crypto asset and more as infrastructure. “This isn’t just about XRP, it’s about the transition from a centralized, dollar-dominated financial order to a multipolar, interoperable system powered by digital assets, infrastructure and neutral settlement technologies,” he wrote.
For readers following the XRP story, the message is clear: this is not a short-term trading thesis, but a long-term argument about reserve status, monetary plumbing, and the future architecture of global liquidity.
At the time of writing, XRP was trading at $1.3576.
Featured image created with DALL.E, chart from TradingView.com