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ZEC $1,396 Flare CEO calls XRP price drop lunacy after Brazil ledger deal
Hugo Philion says XRP's fall after CSD BR began integrating the XRP Ledger makes no sense, as Ripple points to a $15 billion first issuance.
Key takeaways
- XRP traded near $1.51. CoinGecko data put the token at approximately $1.51, and its seven-day performance was close to flat.
- The estimate is $15 billion. Ripple's Luke Judges said the first issuance could reach $15 billion worth of assets on the XRP Ledger.
- The ledger holds $6.3 billion. Judges said the XRPL currently holds about $6.3 billion in total assets.
What happened
Flare co-founder and CEO Hugo Philion called XRP's recent price drop "lunacy." He said the token fell on the day CSD BR, one of Brazil's core securities depositories, said it would bring assets onto the XRP Ledger. Philion wrote that XRP is not "his" coin, and that Flare's own FLR token sometimes gets the same lacklustre response.
Ripple secured a partnership with CSD BR, which has started integrating the XRP Ledger into its infrastructure. The project begins with investment fund shares from BTG Pactual, one of Latin America's largest investment banks. Ripple executive Luke Judges said XRPL is the only blockchain in the CSD BR stack.
XRP traded at approximately $1.51, CoinGecko data showed, and its seven-day performance was close to flat.
Why it matters
CSD BR is one of two entities approved by Brazil's securities regulator, the CVM, to run clearing, settlement and depository services, and it holds more than BRL 22 trillion in registered assets. Judges estimated that the first issuance could reach $15 billion worth of assets on the XRP Ledger, and he said the XRPL currently holds about $6.3 billion in total assets.
Judges said he would like that issuance to happen before the end of 2026, while warning that technical delays and other complications remain possible. He also said the $15 billion figure is "represented" market capitalization, not money invested in XRP.
Judges said this is the first time the XRP Ledger is publicly being built into financial market infrastructure of this size. Philion said the muted reaction made no sense to him, given what the integration could mean for the network.
What the data shows
- XRP traded at approximately $1.51, according to CoinGecko data.
- Ripple executive Luke Judges estimated the first issuance could reach $15 billion worth of assets on the XRP Ledger.
- Judges said the XRPL currently holds about $6.3 billion in total assets.
- CSD BR holds more than BRL 22 trillion in registered assets.
What is still unclear
- Replies on X argued that years of $1,000 predictions have left investors tired of the coin, and that the XRP token is not used in most of the projects people promote.
- Lawyer Bill Morgan said the market also ignored the Evernorth merger approval vote, and called the reaction irrational.
Questions readers ask
Why did XRP fall after the CSD BR announcement?
Flare co-founder and CEO Hugo Philion called the drop "lunacy" and said the reaction made no sense to him. Replies on X offered another explanation: years of $1,000 predictions that left investors tired of the coin.
Who is Hugo Philion?
He is the co-founder and CEO of Flare. He wrote that XRP is not "his" coin, but noted that Flare's FLR token sometimes gets the same lacklustre response.
How large could the first CSD BR issuance be on the XRP Ledger?
Ripple's Luke Judges estimated the first issuance could reach $15 billion worth of assets on the XRP Ledger. He also said the XRPL currently holds about $6.3 billion in total assets.
What is CSD BR?
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.
