A recent article by Bloomberg titled “Settlement Speculation Pushes XRP to Forefront of Crypto Rally” has caused a stir within the XRP community. The article, which highlights the cryptocurrency’s impressive 40% price increase over the past week, refers to XRP as a “little-known cryptocurrency.” This description has angered many XRP enthusiasts, who believe it downplays the asset’s growing popularity and established position in the market.
While Bloomberg acknowledges the speculation surrounding a potential settlement in the ongoing legal battle between the SEC and Ripple as a factor in XRP’s price surge, the “little-known” label has drawn criticism. Prominent XRP figures like crypto YouTuber Ben Armstrong (BitBoy) and media personality Zach Rector took to social media to express their disapproval, with Rector calling the description a “joke.”
Some within the XRP community suspect Bloomberg may have deliberately used the controversial label to generate engagement. The tweet containing the article has indeed garnered significant traction, boasting over 91,000 views, 382 likes, and 167 retweets at the time of writing. This makes it one of Bloomberg Crypto’s most successful tweets in recent memory.
Regardless of Bloomberg’s intentions, XRP’s status as a “little-known” cryptocurrency is demonstrably inaccurate. The asset consistently ranks among the top 10 cryptocurrencies by market capitalization, currently sitting at seventh with a value of $33 billion. This ranking alone signifies a level of recognition that extends beyond a niche audience.
Furthermore, XRP’s involvement in the SEC lawsuit against Ripple has placed it under a spotlight, attracting the attention of investors across the crypto landscape. The court’s decision declaring XRP a non-security has been leveraged by major exchanges like Binance and Coinbase in their own legal battles with the SEC.
Beyond the crypto sphere, XRP has also made inroads into traditional finance. Financial institutions like Tranglo and banks in Japan have utilized XRP for cross-border settlements through Ripple’s ODL (now Ripple Payments) solution. This demonstrates a level of real-world adoption that further contradicts the “little-known” characterization.
As of press time, XRP remains up 32.65% over the past week, trading at around 59 cents. While the Bloomberg article may have ruffled feathers within the XRP community, it’s undeniable that the asset is experiencing a period of significant growth and recognition, both within the crypto world and beyond.
