Co-founder Hugo Philion stated that the market's reaction to the latest news about XRP is "illogical." On the very day that Brazil's core securities depository institution CSD BR announced that it would introduce assets into XRP Ledger, XRP actually fell in value.
"That doesn't make sense."
Philion said that XRP is not "his" coin. Even so, he still calls this decline "absurd" because this news may be transformative in his view. He added that the FLR tokens of Flare sometimes also encounter the same lukewarm response.
What does Brazilian cooperation involve?
According to Luke Judges of Ripple, this is the first time that XRP Ledger has been publicly incorporated into financial market infrastructure on such a large scale. CSD BR is one of two institutions approved by Brazil's securities regulatory agency CVM to provide clearing, settlement, and custody services, holding registered assets of over 22 trillion Brazilian reais.
The project will start with BTG Pactual fund shares and plans to bring most of the business from Brazil's fixed-income market into XRPL. Judges stated that the initial issuance could put approximately $15 billion in "representative" market value onto the blockchain in the form of digital twins. He hopes to complete this by the end of this year, but also warned that there may be technical delays. He also mentioned that XRPL currently holds a total assets of about $6.3 billion.
"Heat Fatigue"
Some replies on X provided different explanations. They said that years of predictions that XRP would rise to $1,000 had worn investors out regarding this token. They believe that every collaboration is labeled as “game-changer,” yet the XRP token has not actually been used in most of the projects that were promoted.
Bill Morgan: "Continue to buy"
Lawyer Bill Morgan pointed out that the market also ignored the approval vote for the Evernorth merger. He described this as “the most irrational reaction from the most irrational market in human history” and stated that his response was to continue buying XRP.
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