Amid ongoing speculation about Chainlink (LINK) absorbing XRP liquidity, some prominent figures in the XRP community argue there’s little evidence to support the claim.
In a tweet today, XRP advocate Bill Morgan shared a snapshot of the LINK/XRP chart and pointed out that XRP is actually gaining ground against LINK. This challenges the growing narrative suggesting a significant rotation from XRP into LINK.
Proponents of the rotation theory claim that Chainlink is now fulfilling the global role that XRP historically promised. Notably, they argue that while XRP has failed to deliver on its ambitions, LINK is advancing rapidly, securing high-level partnerships—including a recent one with the U.S. government.
This has led many Chainlink proponents to claim that LINK will soon overtake XRP in market ranking. However, LINK remains far behind XRP. It sits at position 11, while XRP holds the number 3 spot, with over $150 billion in market cap separating the two.
LINK/XRP Chart Shows Chainlink Struggling
The chart Morgan shared shows that the LINK/XRP ratio has consistently declined since last year, dropping from 36.55 XRP to just 8.18 XRP. This suggests that XRP has significantly outperformed LINK in terms of price performance over the past year.
For instance, in February 2024, one LINK token could buy as many as 39.8 XRP. At that time, XRP was trading between $0.49 and $0.51, while LINK was over $19. Even through November 2024, XRP remained in that price range.
However, shortly after, XRP turned bullish and began gaining strength against LINK. Since then, the LINK/XRP ratio has dropped by over 70% from its February peak.
In dollar terms, LINK is currently trading at $23, which represents only a 21% increase from its February 2024 price of $19, when the LINK/XRP ratio peaked. Meanwhile, XRP is trading at $2.81 today, representing a 462% gain from its February 2024 low of $0.4982.
Despite the broader market correction, XRP has retained most of its gains. On a yearly basis, LINK is up 116%, while XRP boasts a 404% gain.
Given this stark disparity in price performance, Morgan argues there is little to no evidence of a massive rotation from XRP into LINK.
Chainlink’s Recent Momentum
Over the past two months, the LINK/XRP pair has been in a battleground, with LINK attempting to recover against XRP. After dipping to just 4 XRP per LINK in July, the ratio has since improved to around 8.2 XRP as of today.
This short-term rebound is what some LINK proponents, such as “@josefabregab,” are referring to as a “massive rotation” from XRP to LINK. However, when viewed on a longer time frame, XRP still maintains a significant lead.
“a massive rotation from XRP to LINK”
Not really seeing it in the Link/XRP pair or much other evidence for it https://t.co/1rgzO6gemR pic.twitter.com/bYQ171bo6t
— bill morgan (@Belisarius2020) September 2, 2025
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