Versan Aljarrah, the founder of Black Swan Capitalist and a well-known YouTuber, believes that the real value of XRP transcends these charts.
Aljarrah’s faith in XRP remains unshaken, even as the cryptocurrency dipped below the $0.7 mark recently. He took to Twitter to express his conviction, stating that XRP’s true value lies beyond the charts. To support his viewpoint, he shared a video clip featuring Raoul Pal, the CEO and founder of Real Vision.
The dip in XRP’s value comes in the wake of a landmark ruling by Judge Analisa Torres, which saw the cryptocurrency surge to $0.85. However, the subsequent market volatility, largely influenced by Bitcoin’s fluctuations, led to a drop in XRP’s price to $0.67. Despite this, Aljarrah remains steadfast in his belief in XRP’s inherent value.
Pal, like Aljarrah, sees the value of XRP as more than just a speculative asset. He argues that XRP’s high valuation is not merely due to market speculation but is rooted in its utility. He points out that despite being delisted from several U.S. exchanges following the SEC’s lawsuit against Ripple, XRP’s value has remained significant. This, he suggests, is indicative of the high volume of transactions on the XRP Ledger (XRPL), demonstrating its practical use.
Looking ahead, Pal anticipates a further increase in XRP’s value once the Ripple lawsuit reaches its conclusion. While Judge Torres’ recent summary judgment was a significant development, speculation is rife that the case may proceed to the Second Circuit. There are indications that the SEC may appeal the ruling, particularly the aspects that were in Ripple’s favor. However, there’s also the possibility of a settlement, which could bring an end to this multi-year case.
In addition to its utility as a cryptocurrency, Pal also highlights the potential role of the XRPL in the development of central bank digital currencies (CBDCs). Ripple has been at the forefront of CBDC initiatives, partnering with several central banks, including the Central Bank of Montenegro. Ripple’s recent unveiling of a new platform for creating blockchain-based digital currencies further cements its position in the CBDC landscape.
At the time of writing (11:53 a.m. UTC on 26 July 2023), XRP is trading at around $0.6970, up 1.7% in the past 24-hour period.