Flare co-founder Hugo Philion says the market’s reaction to $XRP’s latest news makes no sense. $XRP fell on the day CSD BR, one of Brazil’s core securities depositories, said it would bring assets onto the $XRP Ledger.
“It doesn’t make sense”
Philion said that $XRP is not “his” coin. Even so, he called it “lunacy” that the token dropped right after news he described as potentially transformative. He added that Flare’s FLR token sometimes gets the same lacklustre response.
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What the Brazil deal involves
According to Ripple’s Luke Judges, this is the first time the $XRP Ledger is publicly being built into financial market infrastructure of this size. CSD BR is one of two entities approved by Brazil’s securities regulator, the CVM, to run clearing, settlement and depository services. It holds more than BRL 22 trillion in registered assets.
The program starts with BTG Pactual fund shares, with plans to bring large parts of Brazil’s fixed-income market onto the XRPL. Judges said the first issuance could put about $15 billion of “represented” market value on the ledger under a digital twin model. He hopes it will happen before the end of the year but warned of possible technical delays. The XRPL currently holds about $6.3 billion in total assets, he said.
Hype fatigue
Some replies on X offered a different explanation. Years of predictions that $XRP would hit $1,000, they said, have left investors tired of the coin. They argued that every partnership gets called “game changing” and that the $XRP token is not used in most of the projects people promote.
Bill Morgan: “Buy more”
Lawyer Bill Morgan pointed out that the market has also ignored the Evernorth merger approval vote. He called it “an irrational response from the most irrational market in human history” and said his response is to buy more $XRP.