Ripple's Chief Technology Officer, David Schwartz, recently shared his insights on the relationship between XRPL memecoins and the XRP price, sparking interest within the cryptocurrency community.
XRPL Memecoin and XRP Price
Schwartz explained that memecoins do not directly affect XRP’s core utility but can influence its price due to market speculation. Many investors view memecoins as high-risk, high-reward opportunities, driven by social media trends and popular influencers. An increase in interest or trading of memecoins can spark activity on the XRP Ledger, impacting market dynamics.
Ripple CTO on XRP’s Value
In an online exchange, David Schwartz vigorously defended the XRP Ledger against critics who claim it operates as a 'zero-sum game.' He dispelled these misconceptions, highlighting XRP’s intrinsic value and utility, describing XRPL as a platform that facilitates seamless XRP transfers and issued assets.
Institutional Confidence Grows With XRP
Meanwhile, institutional investors are showing interest in XRP. Ripple’s third-quarter 2024 market report hints at rising interest and increased institutional adoption. Companies like 21Shares, Bitwise Invest, and Canary Funds have filed for XRP-related ETFs.
The interest in XRPL memecoins and the strengthening position of XRP among institutional investors underscore its significance in the global financial infrastructure.
