By
Steve Muchoki
June 14th, 2024
Garlinghouse revealed in the post that the artwork had been hanging on his wall for a while, and due to the market’s momentum, he felt like sharing it.
Ripple CEO Brad Garlinghouse sparked various reactions amongst the XRP community after he posted an artwork on his X page. This resulted in several discussions and led to optimism and skepticism among the community members.
The artwork “Laugh now, but one day XRP will power the world” features a downcast chimpanzee wearing a sandwich board with the above words. The CEO could be referring to the coin’s legal battle in this context, trying to send an optimistic feeling to its holders, or perhaps the team behind XRP is working on creating an innovation that will affect the entire crypto space.
For whatever reasons, I’ve been hanging on to this one for a while…
Prob my all time favorite from the XRP community. It’s been hanging on a wall in my house… but with all this momentum in the market, I wanted to share it!! pic.twitter.com/L7c861JEJZ
— Brad Garlinghouse (@bgarlinghouse) May 24, 2024
Community Divided: Optimism vs Skepticism
Ripple CEO revealed in the post that the artwork had been hanging on his wall for a while, and due to the market’s momentum, he felt like sharing it. The post has, however, caused mixed reactions among crypto users. While many see it as a bullish sentiment, some others find it a reason to dump the coin.
In one of the comments made on the post, Amelie, a crypto commentator with over 42 thousand followers on X, stated that she is proud to hold the digital asset and noted that the coin is the greatest ever created. Similarly, JackTheRippler, another community member with over 216 thousand followers, noted that XRP is the next Bitcoin.
However, despite the optimism amongst many XRP investors, some commentators see no reason to be glad with the post, as one of them stated that he will not be buying the coin again. This post by the XRP trader expresses his disappointment about how the coin’s price has been moving over the past years.
Legal Battle and Market Trends Fuel Differing Perspectives
The price of XRP has been trading sideways since mid-April with no specific direction. This means the token could either spike bullishly or dip more in case of a breakout. There is no doubt that market sentiment also plays a major role in determining the next price direction. The current choppy and consolidating market reflects the ongoing market mood, which is mixed with some users who are hopeful and many others who are looking for the best way to dump the coin or have already sold their holdings.
According to Whale Alert, an unknown wallet has transferred over 30 million XRP, over $15 million, to Bitso. It was also revealed that this same sender sent another 25,800,000 XRP worth over 13 million USD to Bitstamp. These transfers have instigated thoughts of a further drop in price, as it could be that the whale is planning to sell its holdings.
Furthermore, the ongoing legal battle between Ripple and the SEC is one reason some crypto users might be frowning at Garlinghouse’s post. However, the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), a regulatory clarity that allows digital assets to thrive in the United States, has sparked some optimistic feelings among XRP followers as they debate how this new regulation would impact the coin, positively or negatively.
However, the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill in the House is a major step forward in providing regulatory clarity that would allow digital assets to thrive better in the United States. This could also help in determining the status of XRP as a security and give larger investors reasons to put money into the token.