Versan Aljarrah, the founder of Black Swan Capitalist and a prominent YouTuber, has expressed his unwavering belief in the value of XRP, despite the recent decline to the $0.7 level. Aljarrah asserts that XRP possesses an intrinsic value that goes beyond what can be seen solely on charts.
Raoul Pal: XRP’s Value Transcends Price Fluctuations
In a recent tweet, Aljarrah emphasized that the recent price fluctuations of XRP would not shake his confidence in the cryptocurrency. He shared a video clip featuring Raoul Pal, the CEO and founder of Real Vision, to further support his conviction that XRP holds more value than what is currently reflected in its market value.
Price fluctuations won't shake my faith! #XRP's true value lies beyond the charts. pic.twitter.com/IKsotLvlOD
— Black Swan Capitalist (@VersanAljarrah) July 24, 2023
Read Also: Just In: SEC Says Ripple and XRP Victory Is Wrong, Set To Appeal: Details
Aljarrah’s comments coincide with XRP experiencing a decline below the $0.7 threshold for the first time since Judge Analisa Torres ruled that XRP is not a security. Following the favorable ruling in the Ripple lawsuit, XRP briefly surged to $0.85 but has since faced a downward trajectory.
The recent volatility in Bitcoin’s price further impacted XRP, causing it to fall to $0.67 during the early hours of the day. At present, XRP is trading at $0.68, representing a 6% decrease in the past 24 hours.
According to Raoul Pal, the value of XRP is not solely driven by speculation but by its utility. Pal highlights that the temporary delisting of XRP from several US-based exchanges, such as Coinbase and Kraken, following the SEC’s lawsuit against Ripple, indicates the significance of its true value.
According to Pal, if XRP’s value were purely speculative, its market worth would have diminished significantly after the exchanges delisted it. He emphasizes that a substantial amount of XRP is regularly transacted, demonstrating its utilization and importance within the XRP Ledger (XRPL).
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Speculation Surrounding Ripple Lawsuit Conclusion
Pal speculates that once the Ripple lawsuit reaches its conclusion, XRP’s value is likely to experience a significant boost. While Judge Analisa Torres recently issued a summary judgment in favor of Ripple, there is speculation that the case could head to the Second Circuit, as the SEC may appeal the decision, primarily focusing on the aspects where Ripple emerged victorious.
While both parties may seek a settlement to end the multi-year legal battle, the SEC’s recent motion in the TerraForm Labs’ lawsuit indicates its intention to appeal the summary judgment. The outcome of these developments will undoubtedly impact XRP’s trajectory.
Read Also: Ripple CTO David Schwartz Explores XRP Role on XRP Ledger (XRPL) Beyond Gas Token
XRPL’s Pivotal Role in CBDC Development
Additionally, Pal emphasizes the considerable role that the XRP Ledger (XRPL) will play in the development of central bank digital currencies (CBDCs). With the world moving towards adopting CBDCs, Pal believes that XRPL will occupy a central position in this transformative shift.
Ripple, known for its involvement in CBDC initiatives, has partnered with several central banks, including the Central Bank of Montenegro, to explore the potential of CBDCs.
To strengthen its position in this domain, Ripple recently unveiled a new platform designed to enable central banks, financial institutions, and governments to create their own blockchain-based digital currencies, powered by XRPL.
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