Prominent YouTuber Versan Aljarrah is confident about XRP potential, saying he believes the asset is more valuable than what is displayed on the charts.
Versan Aljarah, the founder of Black Swan Capitalist, recently spoke highly of XRP, despite the asset’s latest decline below the $0.7 territory.
In a tweet yesterday, Versan said XRP’s recent price fluctuations would not “shake his faith” in the coin. According to the prominent YouTuber, XRP is more valuable than the charts portray.
He attached a video clip by Real Vision CEO and founder Raoul Pal to further demonstrate his belief in the fifth-largest cryptocurrency by market cap.
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
XRP Plunges Below $0.7
Notably, Aljarrah’s remarks come after the leading cryptocurrency plunged below $0.7 for the first time since Judge Analisa Torres declared the coin a non-security.
Recall that XRP surged as high as $0.85 following Judge Torres’ ruling in the Ripple lawsuit. However, the cryptocurrency has plunged ever since.
Things recently got worse for XRP due to Bitcoin’s volatility, plunging the coin’s price to $0.67 in the early hours of today. At press time, XRP is changing hands at $0.68, down 6% in the past 24 hours.
XRP Value Isn’t From Speculation
Pal does not seem troubled by XRP’s price. According to the Real Vision founder, XRP’s value does not stem from mere speculation but from its utility.
“There is a reason that chain is valued as highly as it is, and it is not from speculation,” said Pal, “Actually, it [XRP] got taken off a whole bunch of exchanges because of the lawsuit.”
Notably, the prominent investor referred to the fact that multiple United States-based exchanges, including Coinbase and Kraken, delisted XRP shortly after the SEC sued Ripple.
Per the Real Vision CEO, if XRP’s value stems from speculation, the crypto asset would not have been worth much after exchanges delisted it.
He pointed out that the amount of XRP that people transact regularly is high, suggesting that people use the coin and its native network- the XRP Ledger (XRPL).
“[…] The amount of value that gets transacted on the chain is very high. It is being used,” he said.
XRP to Spike Further After Ripple Lawsuit Ends
Furthermore, Pal speculated that XRP’s value would further skyrocket once the Ripple lawsuit was finally resolved.
Although Judge Analisa Torres recently issued the much-anticipated summary judgment this month, there is widespread speculation that the case could be heading to the Second Circuit.
Several securities lawyers have been speculating that the SEC would appeal the ruling, especially the aspect of the case Ripple won.
As reported earlier, the SEC signaled plans to appeal the ruling following its recent motion in the TerraForm Labs’ lawsuit. Furthermore, many are also predicting that the parties could settle to put an end to the multi-year case.
XRPL to Play Major Role In CBDC Development
Meanwhile, Pal noted that XRPL will play a significant role in developing central bank digital currencies.
“As the world moves towards central bank digital currency, I think the XRP network is going to be somewhere at the center of all of that,” he said.
Notably, Ripple has been a pioneer in CBDC development. Several central banks, including the Central Bank of Montenegro, have partnered with Ripple for various CBDC initiatives.
To further strengthen its position in the CBDC game, Ripple unveiled a new platform for creating blockchain-based digital currencies.
Powered by XRPL, the CBDC platform will enable central banks, financial institutions, and governments to create their unique digital currencies.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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