Can Ripple Control The XRP Price? Crypto Analysts Weigh In
September 05 2023 - 07:00AM
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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.” Related
Reading: Pro-XRP Legal Expert Takes The Spotlight With Daring
Ripple Vs SEC Settlement Theory 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. Related Reading: New Job Listing Indicates
What Ripple Is Focusing On Next 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
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