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Hoskinson Considers Class Action Over Cardano Defamation, Criticizes Crypto Media for Malicious Reporting

Lele Jima
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Hoskinson Considers Class Action Over Cardano Defamation, Criticizes Crypto Media for Malicious Reporting

Cardano founder Charles Hoskinson is considering initiating a community class action against people defaming the crypto project. 

In an X post yesterday, Hoskinson asked Cardano stakeholders, particularly ADA holders, developers, and dApp builders, whether they would consider joining a class action against those defaming the crypto project. 

He linked any potential legal action to the upcoming release of an audit report focused on the project’s 2017 initial coin offering (ICO) redemption process.

NFT Artist Accuses Hoskinson of Misappropriating ICO Funds 

For context, tension has escalated within the Cardano community over the past few days. It started this week after NFT artist Masator Alexander accused Hoskinson of misappropriating 318 million ADA tokens from the 2017 ICO. 

He alleged that Hoskinson and Input-Output Global (IOG) embedded hidden functionality into the 2021 Allegra hard fork that supposedly enabled them to redirect the funds, valued at $619 million then, into a reserve they controlled.

Alexander claimed that only a small portion of the funds was used to establish Intersect, a Cardano member-based organization. He further alleged that the remainder was funneled into an IOG-controlled reserve via the alleged exploit in the Allegra upgrade.

These accusations raised questions about Hoskinson’s credibility, prompting him to embrace an audit to clarify the escalating claims. As previously reported, this audit will be conducted by BDO International, a prominent accounting and auditing firm, and McDermott Will & Emery, a law firm. 

The companies will provide a detailed report on their findings and reveal whether Hoskinson and the IOG misappropriated any funds linked to the ICO. 

Strong Community Support for Class Action

Although it remains unclear when the report will be published, Hoskinson has teased a class action against those defaming Cardano. He created an X poll to ask Cardano community members, particularly holders, dApp builders, and developers, whether they would join this class action. 

So far, the poll has attracted 10,306 votes, with 69% of these participants signaling their intentions to join the suit. The voting exercise will end in the next four days, on May 25. Based on the current poll results, most Cardano enthusiasts are willing to join the class action and seek damages from those spreading false claims.

Hoskinson has not provided more details about the potential lawsuit, including who might be included as defendants.

Hoskinson teases class action against parties defaming Cardano
Cardano founder teases class action against parties defaming Cardano

Hoskinson Slams Crypto Media Over Malicious Reporting 

Meanwhile, the Cardano founder issued a statement expressing outrage against crypto media’s reporting following the misappropriation saga. Hoskinson suggested that most media outlets abandoned objective and fair reporting on the issue in favor of “maximally viral clickbait.”

Hoskinson emphasized that no evidence of fraud has been found and noted that all parties involved in the ICO redemption process have publicly confirmed that no wrongdoing occurred. He pointed out that no regulator, law enforcement agency, or token purchaser has raised any fraud allegations tied to the ICO.

According to him, the only accusation, referring to Alexander’s claim, came from someone without insider knowledge of the ADA sale processes. 

As a result, he expressed that it is fundamentally irresponsible for media outlets to spread news with malicious headlines that hint at the possibility of massive theft. 

Hoskinson described these headlines as damaging, noting that it will take several months and huge funds to repair after the audit. After the saga, Hoskinson revealed plans to reduce his social media presence. 

According to him, a media team will take control of his social accounts post-audit. He also intends to change how he conducts his regular AMA sessions. However, the changes will not affect his physical meetings at crypto events. 

Elite Trader Reveals Why He Sold XRP to Go All In on Ethereum

Abdulkarim Abdulwahab
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Elite Trader Reveals Why He Sold XRP to Go All In on Ethereum

Doctor Profit, a renowned trader known for high-leverage plays, has announced a strategic move from XRP into Ethereum.

He disclosed his decision in a tweet, stating that he was pivoting from XRP to ETH after securing a 600% profit on his earlier XRP trade.

Notably, he did not provide specifics about the XRP trade. Meanwhile, it likely stemmed from profit-taking since the coin peaked at $3.40 in January or during its more recent rally to $2.65. It is also possibly a leveraged trade on these spot market movements.

With XRP losing momentum for further upside in recent times, Doctor Profit sees this as a good time to enter Ethereum. Notably, Ethereum is currently trading at a significant 30% discount on the yearly timeframe. Meanwhile, XRP is up 342% over the past year, trading at $2.38.

Not a Bearish Call on XRP

In his message to followers, Doctor Profit emphasized that investors should not mistake his exit from XRP for a bearish outlook. He reaffirmed his long-term belief in XRP’s potential and dismissed fears of an imminent crash.

Responding to growing concerns about a possible XRP price collapse, he noted that “the simple and complicated answers are both a big no.” He believes XRP will appreciate, although likely not as strongly as some of its rivals in the near term.

Furthermore, he explained that the move is about capital appreciation. Specifically, he is realizing gains in USD and reallocating to an asset he believes is poised for stronger short-term growth.

Why Ethereum Now?

Doctor Profit has reinvested all profits from XRP into Ethereum, citing confidence in a major near-term rally for ETH. According to him, while XRP offers strong fundamentals and remains a top long-term hold, ETH currently presents a better opportunity for short-term upside.

Notably, ETH’s price has increased by 56% in the past 30 days alone, while XRP has only gained 11% during the same period. While XRP’s short-term performance pales compared to ETH, Doctor Profit still believes the altcoin can achieve impressive gains the rest of the year.

Meanwhile, a subtle justification arises when considering XRP’s 343% yearly gain to ETH’s red position. This contrast may explain why Doctor Profit sees more upside potential in Ethereum, especially considering XRP has already experienced a 6x surge during this cycle.

It’s worth noting that both XRP and Ethereum are still trading at a significant discount from their previous all-time highs. Both are underperforming Bitcoin, which is currently in a price discovery phase.

Plans to Re-enter XRP

Importantly, Doctor Profit made it clear that he intends to return to XRP when market conditions are favorable. He views his current exit as tactical, not emotional, and plans to look for a better re-entry point to catch XRP’s next upward move.

Other prominent market watchers, such as Dennis of Virtual Bacon, have expressed similar views on XRP. Specifically, Dennis is waiting for a 20% dip in XRP to around $1.85 before making his first substantial investment. He aims to position himself ahead of the next FOMO-driven XRP rally.

More Upside? Bitcoin Records Highest Daily Close in History

Elendu Benedict
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More Upside? Bitcoin Records Highest Daily Close in History

Bitcoin has continued to set new records this week, closing at an unprecedented price mark on the daily timeframe in its 15-year history.

Bitcoin looks supercharged, as bullish momentum predominates. After a slight scare on Monday, the largest cryptocurrency by market cap resumed its uptrend yesterday, closing with a mild 1.18% uptick.

Interestingly, the May 20 close marked a notable milestone for Bitcoin. Notably, the asset has never closed that high on the daily timeframe since it started trading in 2010. This reflects both momentum and bullish traction, setting Bitcoin up for more landmark prices.

Highest Ever Daily Closing in History

Barchar, a prominent financial market analytical provider, highlighted in a tweet today that Bitcoin recently recorded its highest-ever daily close in history. The pioneering cryptocurrency closed May 20 at $106,909, breaking the record from two days ago when it closed at $106,487.

New Record Daily Closing for Bitcoin/Barchart

Meanwhile, the coveted daily record follows Bitcoin’s historic weekly closing. Last week, the crypto leader closed at $106,487, its highest-ever seven-day close in history. Notably, the sustained bullish price action has set the precedent for Bitcoin to continue its foray into price discovery.

Massive Liquidation Awaits Bears with Sustained Momentum

Notably, Bitcoin has continued the upsurge today, rallying to an intraday high of $108,010. Remarkably, it last traded at this level on January 20, the day it reached its current all-time high of $109,354.

Data from Coinglass shows an uneven liquidation heatmap in the past 24 hours, as bears incurred considerable losses with Bitcoin’s rally. Short positions worth $46.45 million were liquidated compared to $24 million in longs.

Further analysis suggests bears could suffer more liquidation if Bitcoin sustains bullish traction. Coinglass shows that cumulative leveraged positions worth $1.95 billion would be liquidated across exchanges if Bitcoin reclaims its all-time high above $109,300.

Cummulative Liquidation Data
Cumulative Liquidation Data/Coinglass

Nonetheless, bulls still face massive liquidation risks. If Bitcoin drops to $104,870, leveraged long positions would suffer losses exceeding $1.94 billion.

More Upsides?

Meanwhile, analyst Ali Martinez has identified the possibility of a sustained upward trajectory for Bitcoin. In a May 21 post, he highlighted that the flagship cryptocurrency may reach a new all-time high of $112,000, citing a potential breakout.

His analysis shows that Bitcoin has broken out from an ascending triangle on the lower timeframes, suggesting a bullish continuation. Martinez analyzed the possible target by the triangle’s length, identifying a possible near 5% rally to above $111,500.

Bitcoin Breakout/Ali Martinez

At the time of writing, Bitcoin has retraced slightly from its earlier daily highs, trading at $106,532.

Bitcoin Price Nears Record High While Google Search Trends Remain Low, What’s Happening?

Mark Brennan
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Bitcoin Price Nears Record High While Google Search Trends Remain Low, What’s Happening?

VanEck’s Matthew Sigel notes Bitcoin trades near ATH, yet U.S. Google search interest is just 30, far below the figure seen during the late 2024 peak.

Bitcoin price has climbed close to its all-time high, trading at $107,384 today, approximately $1,000 below its record of $108,786. Over the past week, the price ranged between $101,000 and $107,625, displaying sharp volatility. 

Price movements included rapid swings and V-shaped recoveries, particularly visible around May 19–20, when Bitcoin briefly dropped below $103,000 before rebounding. 

Despite a 3.5% gain over the last seven days and a 1.4% increase in the past four hours, search interest remains relatively muted.

Google Search Trends Lag Despite Price Proximity to All-Time High

The Google Trends chart analyzed by Matthew Sigel, Head of Digital Assets Research at VanEck, shows a significant gap between current price action and public attention. Search interest in “Bitcoin” has remained low in the United States, according to Google Trends data covering the past five years.

Image

At present, the relative search value stands around 30, well below the 75 recorded during the late 2024 price peak. At that time, Bitcoin had reached its previous all-time high of $108,268. This suggests that the price surge was accompanied by strong retail participation, as retail investors were likely searching for news, guides, and platforms to buy Bitcoin.

In contrast, the asset now trades only slightly below that level, but with just one-third the search interest. It is clear that the current rally lacks retail-driven curiosity, which previously coincided with surging prices. The low search interest could also indicate we’re still early in the next euphoric phase.

While some online users argue that learning is shifting to platforms like ChatGPT or Grok, Sigel emphasized that Google Trends reflects relative—not absolute—search frequency across the web.

MicroStrategy’s Impact Remains Statistically Marginal

The role of MicroStrategy in the recent price movement was also addressed. In response to online speculation, Sigel clarified that the firm’s influence on Bitcoin’s price is statistically limited.

VanEck’s data shows that MicroStrategy’s purchases account for an average of 8.4% of weekly trading volume. However, this figure is skewed by four weeks of high activity, with eight weeks showing zero acquisitions.

Moreover, statistical analysis indicates only a 25% correlation between MicroStrategy’s weekly purchases and Bitcoin’s end-of-week price.

Similarly, the correlation with weekly price changes stands at 28%. These figures suggest minimal direct influence, supporting Sigel’s earlier position that the asset’s current strength stems primarily from broader institutional factors.

Institutional Buying Activity Outpaces New Supply

Alongside muted retail signals, reports from 21Shares confirm that institutional buying is now driving Bitcoin’s demand profile. Spot Bitcoin ETFs consistently absorb more than the 450 BTC mined daily. This steady demand has created a persistent supply imbalance, with rising interest from hedge funds, sovereign wealth funds, and corporate treasuries.

Moreover, in its May 13 report, Bitwise stated that public companies have already purchased 196,207 BTC in 2025. By contrast, only 60,044 new tokens have entered circulation this year. In addition, this means corporate acquisitions now exceed the estimated annual supply of 164,250 BTC by more than threefold. 

Further, jurisdictions such as Abu Dhabi’s sovereign wealth fund are reportedly increasing their holdings, while states like New Hampshire have proposed Bitcoin reserve legislation.

Here’s the Possible XRP Price if Ripple Successfully Acquires Circle

Sam Wisdom Raphael
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Here’s the Possible XRP Price if Ripple Successfully Acquires Circle

Speculations suggest XRP price could also receive a decisive push if Ripple successfully acquires stablecoin issuer Circle.

Ripple’s expansion strategy in 2025 has led to an attempt to acquire Circle, the issuer behind the $61 billion USDC stablecoin. 

Ripple initially made an offer between $4 billion and $5 billion for Circle in April 2025, a bid that Circle rejected. The firm filed for public listing with the U.S. SEC on April 1, targeting a $4 billion to $5 billion valuation and aiming to trade under the ticker CRCL on the NYSE.

Ripple Pushing to Acquire Circle

However, since then, discussions have progressed, and recent reports revealed that Circle is now in informal talks with both Ripple and Coinbase. These newer bids are reportedly between $6 billion and $11 billion.

This potential acquisition is Ripple’s latest in a series of moves to expand its blockchain infrastructure. Earlier this year, Ripple acquired Hidden Road, a digital asset prime brokerage firm, for $1.25 billion. 

With the Circle target, Ripple appears to be eyeing a leap toward dominating the stablecoin scene. Gaining control of both RLUSD (Ripple’s stablecoin) and USDC would bolster Ripple’s influence over digital dollar liquidity.

Meanwhile, considering the scale of such an acquisition and Ripple’s existing infrastructure, we asked two prominent AI models ChatGPT and Grok what could happen to XRP price if Ripple succeeds in buying Circle.

ChatGPT Provides Its XRP Price Prediction

In response, ChatGPT projected a substantial upside for XRP if the deal closes successfully. In a base-case scenario, it estimated that XRP could reach between $3.50 and $4.50, reflecting moderate gains driven by Ripple’s strengthened ecosystem. 

Notably, this scenario rests on the assumption that the acquisition is finalized for $6–$8 billion and integration begins smoothly. ChatGPT noted that the inclusion of USDC into Ripple Payments could expand stablecoin liquidity and boost XRP’s utility in settlement.

XRP Price if Ripple Acquires Circle ChatGPT
XRP Price if Ripple Acquires Circle | ChatGPT

In its more optimistic view, ChatGPT saw XRP potentially surging to $6 or even as high as $10. This bullish scenario depends on Ripple acquiring Circle at the higher end of the price range, successfully integrating both USDC and RLUSD, and experiencing a major uptick in Ripple Payments adoption globally. 

Grok Estimates XRP Price

Meanwhile, for Grok’s base case, it suggested XRP could climb to between $3.50 and $4.50, pointing out that acquiring Circle would allow Ripple to consolidate control over the second-largest stablecoin in the market. 

Grok stressed that although stablecoins like USDC don’t directly affect XRP price, their integration could increase XRP’s transaction volume and utility within Ripple Payments. This could help push the price upward.

Further, in a best-case outlook, Grok predicted XRP might hit between $6 and $8. It argued that if Ripple Payments achieves major traction, potentially processing trillions in annual cross-border payments, and XRP maintains its spot as a key bridge asset, the resulting demand surge could drive prices up. 

XRP Price if Ripple Acquires Circle Grok
XRP Price if Ripple Acquires Circle | Grok

This scenario also assumes bullish sentiment across the crypto space, with Bitcoin possibly hitting $150,000 and other altcoins riding the momentum.

However, both AI models cautioned that risks remain. For one, financing a multi-billion dollar acquisition could pressure Ripple’s resources, triggering sales of XRP from its reserves. 

Also, continued regulatory uncertainty or pushback from competing bidders like Coinbase could complicate the deal. In addition, market conditions, from crypto sentiment to macroeconomic uncertainty, will also determine how XRP performs.

Expert Predicts XRP Price for 2025 if SUI Hits $8.10 and Ethereum Reaches $4,750

Elendu Benedict
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Expert Predicts XRP Price for 2025 if SUI Hits $8.10 and Ethereum Reaches $4,750

A top market influencer has predicted a year-end target for XRP, assuming SUI and Ethereum see substantial growth in their respective prices.

The crypto market has rebounded from an earlier price depression, raising optimism among investors. With Bitcoin recording its highest daily close in history yesterday, market watchers have expressed confidence that the crypto market still has more in the tank this year.

Meanwhile, XRP is one of the assets tipped to surge into price discovery in 2025. A recent price prediction from market expert Jake Gagain has identified the potential price level for XRP and other prominent tokens this bull cycle.

XRP to New ATH in 2025

For context, Gagain listed seven tokens, all in the top 11 rankings by market cap, and their price targets by the end of the year. Notably, the list featured XRP, Bitcoin, Ethereum, Solana, SUI, BNB, and Cardano.

The crypto influencer predicted that the $13 billion-capped SUI would reach a new all-time high of $8.10 before the end of the year. With its price currently at $3.88, this target would see the coin rally 108%, or nearly 1.3x from here.

Furthermore, Gagain projected a surge to $4,750 for Ethereum, representing an 83% growth from its current price. Interestingly, this outlook suggests the altcoin king will not reach a new all-time high this bull run, which would be the first in its history.

For XRP, the third-largest cryptocurrency by market cap (ex. stablecoins0, he predicted that the token would rally to $7.5, marking a new all-time high. The assertion highlights a possible 215% upsurge for the token from current levels, indicating growing bullish expectations among market watchers.

Meanwhile, other projections from Gagain include Bitcoin at $175,000, Solana at $375, BNB at $1,250, and ADA at $3.00 by the end of 2025. Remarkably, he did not mention any probable reason for his bullish outlook or catalysts for the price rally.

Is XRP to $7.5 Programmed?

Interestingly, Gagain’s $7.5 XRP price target is not unique, as other market analysts share a similar outlook. One such expectation comes from market expert EGRAG, who highlighted that XRP is programmed to reach the price mark.

In an analysis, he identified a possible breakout from two intersecting triangles and above the “Genuine Wake-Up Line” to the new all-time high. Meanwhile, EGRAG predicted further upsides above $7.5 to $13 and $27.

Analyst JayDee also predicted an uptrend to $7.5 for XRP, arguing that each daily candlestick close brings the target closer. The market watcher insisted that XRP would repeat its 2017/2018 feat, citing a breakout from a multi-year giant triangle.

Moreover, analyses from Changelly and Telegaon further discuss the possibility and timeline for XRP to reach $7.5. For context, analysts at Changelly believe that XRP could attain $7.5 in the near term, specifically predicting a rally to the price mark by January 2028.

However, Telegaon shares a more bullish outlook for the coin. Per analysis, XRP could hit $7.5 as early as next year. Notably, $7.53 is its average price for XRP for 2026, with the possibility of a surge to $9.18 in a bullish setting.

At the time of writing, XRP trades at $2.38.

SEC Charges Unicoin and Executives With $100M Offering Fraud, Allegedly Misleading 5,000+ Investors

Albert Brown
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SEC Charges Unicoin and Executives With $100M Offering Fraud, Allegedly Misleading 5,000+ Investors

The U.S. SEC has filed charges against Unicoin, a New York City-based crypto firm, and several of its senior executives for allegedly misleading more than 5,000 investors. 

According to the commission’s complaint, the company and its leadership engaged in fraudulent activities tied to the offering and promotion of Unicoin tokens and related investment certificates. The individuals named include CEO and Board Chairman Alex Konanykhin, former President and current Board Member Silvina Moschini, and former Chief Investment Officer Alex Dominguez.

The SEC states that Unicoin falsely marketed its digital assets as being backed by a multi-billion-dollar real estate portfolio while only having assets worth a small fraction of that amount.

Extensive Marketing and Unrealistic Asset Claims

Furthermore, the SEC alleges that Unicoin promoted its rights certificates using aggressive marketing campaigns that appeared in airports, on television, across social media platforms, and on thousands of taxis in New York City. These campaigns reportedly positioned the investment as safe, stable, and profitable. 

However, the SEC maintains that the underlying tokens were never backed by the claimed billions in real estate or equity interests in pre-IPO companies. The complaint asserts that, contrary to public statements, Unicoin raised no more than $110 million, far below the advertised figure of $3 billion.

Additionally, the SEC claims that Unicoin described the certificates and tokens as “SEC-registered” or “U.S. registered,” despite their unregistered status. These representations allegedly misled investors into believing that the offerings met regulatory requirements.

Alleged Violations and Sales Conduct by Executives

In the filing with the U.S. District Court for the Southern District of New York, the SEC accuses Unicoin and its top officials of violating multiple antifraud provisions under federal securities laws. Konanykhin and the company also face charges for unregistered offers and sales. 

The complaint notes that Konanykhin alone offered and sold over 37.9 million of his own rights certificates. These actions offered better pricing, targeted otherwise restricted investors, and protected the company’s exemption status.

Meanwhile, the SEC’s action extends to Unicoin’s general counsel, Richard Devlin. The complaint states that Devlin made misleading statements in private placement memoranda used during Unicoin’s fundraising efforts. Without admitting or denying the allegations, Devlin has consented to a final judgment that includes permanent injunctive relief and a $37,500 civil penalty.

Ongoing Legal Dispute and Denials from Leadership

While the SEC pursues legal remedies, including injunctive relief, disgorgement of ill-gotten gains, and officer-and-director bans, Unicoin’s leadership is preparing to contest the allegations. 

In interviews conducted as recently as last month with analyst Eleanor Terrett, CEO Konanykhin denied any wrongdoing. He indicated his intention to challenge the SEC’s complaint in court. The case remains ongoing, with the SEC seeking full accountability for the company’s alleged conduct.

US SEC Delays Decisions on XRP and Dogecoin ETFs, Calls for Public Comments

Lele Jima
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US SEC Delays Decisions on XRP and Dogecoin ETFs, Calls for Public Comments

The U.S. SEC has delayed its decision on three spot-based ETF applications seeking to track XRP and Dogecoin. 

The proposed funds affected include the filings of Grayscale, 21Shares, and the Grayscale Dogecoin Trust. According to recent filings on its website, the SEC has initiated proceedings on these ETFs and has requested public comments from interested parties.

Similarly, the SEC has postponed its decision on an amendment that would allow the Bitwise Ethereum ETF to permit staking. This amendment aims to broaden investors’ exposure to the Bitwise Ethereum ETF by incorporating staking yields.

SEC Calls for Public Comments 

This request aims to help the securities regulator gather public input on the policy and legal concerns related to ETF filings. 

In the meantime, the commission clarified that it has not reached any conclusions regarding the legal and policy concerns. However, it signaled that the proposals only raised substantive questions that deserve broader input from the public. 

Notably, the comment period will run for 21 days from the publication of the recent filings in the Federal Register. The period for rebuttal comments is expected to linger for 35 days after publication in the Federal Register.  

Not New 

It is worth noting that the SEC’s latest action does not come as a surprise to crypto enthusiasts. Over the past few months, the securities regulator has postponed its decision on multiple crypto ETF proposals, including those seeking to track XRP and Dogecoin performance. 

In March, the SEC extended the review period for various crypto ETF applications from Grayscale, 21Shares, VanEck, and Canary. At the time, the SEC extended the decision deadline for Grayscale’s XRP Trust ETF application to May 21. 

It has now extended the review period once again to determine whether the proposed products have the necessary safeguards to prevent fraud and market manipulation, as mandated by Section 6(b)(5) of the Securities Exchange Act.

SEC to Use Full Review Period Before Issuing Its Decision

Meanwhile, James Seyffart, an ETF expert at Bloomberg Intelligence, said it is normal for the SEC to delay its decisions on spot crypto ETFs. He emphasized that while the SEC is expected to rule on several XRP ETF applications in the coming days, the commission may choose to extend the deadline.

He suggested that the SEC will not approve any spot crypto ETFs in June-July, adding that these products will likely launch in early Q4 2025. 

In a follow-up comment, Seyffart asserted that the SEC usually takes the full 240 days to review ETF applications. Hence, he expects the SEC to use the whole comment period before issuing its final decision. 

Further, Seyffart noted that the final due date for most crypto ETF applications, including XRP, is in October, which aligns with his previous mid-October deadline for XRP. 

Meanwhile, Nate Geraci, president of the ETF Store Inc., seemed unconcerned about the recent delays. He believes the commission will still approve all the proposed ETFs for altcoins, including XRP and Dogecoin. 

Here’s How Buying XRP Means Having a Vested Interest in Ripple’s Success

Sam Wisdom Raphael
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Here’s How Buying XRP Means Having a Vested Interest in Ripple’s Success

Crypto researcher SMQKE recently explained how XRP investors have an interest in Ripple’s success by simply holding the token.

His latest disclosure was built on the findings of a recent legal report by James C. Spindler for William & Mary Law School, America’s oldest law school.

The original report, released in May 2025, mentioned XRP as an economic proxy for Ripple’s future success. The company has always maintained that XRP is a utility token, not an investment contract. However, the report argued that XRP’s value is connected to the performance of Ripple’s payment network. 

Interestingly, Ripple has also mentioned that its payments product uses XRP in a way that does not impact its price. Despite this, the report claimed XRP holders effectively gain exposure to Ripple’s future licensing revenue, even without holding equity or receiving dividends. 

Relationship Between XRP Holders and Ripple

After uncovering the report in a previous post, SMQKE recently presented an analogy to help investors and enthusiasts better grasp the relationship between XRP holders and Ripple. 

According to him, purchasing XRP is similar to buying a share in a drug patent from a pharmaceutical firm. While the patent itself is not a security and doesn’t promise payouts, its market value depends on the company behind it pushing forward with development and adoption. 

Likewise, he claims that Ripple depends on XRP to scale its payment infrastructure, and XRP holders have a direct stake in whether that system succeeds or fails.

SMQKE pointed out that while XRP does not grant voting rights or legal claims over Ripple’s business, it still places holders in a position where their fortunes rise and fall with the company’s progress. For context, investor sentiment around XRP has depended on Ripple’s developments over the years.

SMQKE likens XRP to the intellectual property behind Ripple’s ecosystem, suggesting that token holders become de facto backers of that ecosystem. In his analogy, Ripple is the pharmaceutical firm, XRP functions like the patent, and RippleNet (now part of Ripple Payments) is the real-world application.

Ripple Payments Can Function Independently of XRP

When an XRP holder pointed out that RippleNet can operate without XRP, SMQKE referenced a 2020 study conducted by researchers from Imperial College London and University College London. 

According to the study, XRP overwhelmingly dominated payment volume on the XRP Ledger, processing hundreds of millions of XRP daily. Notably, this usage shows how deeply integrated XRP is within Ripple’s infrastructure, even if the company allows clients the flexibility to bypass it.

He also highlighted an Atlantis Press report which claimed that as long as Ripple’s payment solutions remain widely adopted, XRP would continue to function as a central component in cross-border transactions. 

However, it is important to note that Ripple itself has confirmed that its payments product can operate independently of XRP. Clients have the option to use XRP as a bridge currency, but they are not required to do so.

Here’s What Could be XRP Price If XRP Maintains Its Dominance and Global Crypto Market Cap Hits $40T

Sam Wisdom Raphael
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Here’s What Could be XRP Price If XRP Maintains Its Dominance and Global Crypto Market Cap Hits $40T

XRP price can theoretically reach the audacious two-digit level if the altcoin maintains its market dominance and the crypto market cap grows over 13x.

Despite the prevalent price struggles, XRP has managed to maintain a market dominance above 4% for the past few months. Interestingly, XRP’s market dominance stayed below 3% for over a year before the massive price spike in November 2024 that allowed the altcoin to scale up.

XRP’s Current Market Dominance 

As XRP claimed a price of $3.39 in January 2025, dominance hit a 5-year peak of 5.58% but eventually collapsed as the pullback ensued. Now, despite XRP failing to capitalize on the broader market’s latest recovery push, the altcoin still has a market dominance of 4.55%.

This position is impressive, especially if XRP maintains this mark when the global crypto market cap reaches greater heights. Notably, during the 2022 bear market, the global market cap fell to a low of $744 billion in December of that year. Interestingly, it spiked 401% to a new peak of $3.73 trillion in December 2024, as Bitcoin crossed the $100,000 mark.

Now, amid the market drawdown, the global crypto market cap holds steady at $2.9 trillion, up 10% this month. Notably, market analysts and Cardano Permabull Dan Gambardello suggested last June that the global crypto market cap could hit $40 trillion. However, he admitted that he could not tell when this forecast could materialize.

Global Crypto Market Cap Dan Gambardello
Global Crypto Market Cap | Dan Gambardello

XRP Price if Global Crypto Market Hits $40T

Notably, if this forecast materializes with XRP maintaining its market cap dominance, XRP price could see an impressive spike. For perspective, if XRP holds a 4.55% market dominance in a $40 trillion global market, this will translate to a market cap of $1.82 trillion for the crypto asset. 

Meanwhile, CoinMarketCap data indicates that XRP currently has a circulating supply of 58.44 billion XRP tokens. Assuming this figure grows to 65 billion tokens when the global crypto market hits $40 trillion due to Ripple’s escrow releases, XRP’s $1.82 trillion would lead to a price of $28 per XRP token.

This forecast is extremely reasonable, given that XRP currently already boasts the market dominance necessary for this figure and also has the potential to grow beyond this dominance position. 

Interestingly, in March, market commentator CrediBULL predicted that XRP has the potential to reach the $28 price mark. Also, analysts at the crypto platform Telegaon believe that XRP could actually reach $28 million in 2029, four years from now. While Changelly also expects this bullish goal to materialize, it sets the target year to 2031, two years further.

However, this massive growth in the broader crypto market cap would have a greater impact on Bitcoin’s price due to the crypto firstborn’s massive dominance. With a current market dominance of 64.28%, Bitcoin will have a market cap of $25.7 trillion if the global crypto market reaches $40 trillion.

Considering its circulating supply of 19.85 million tokens, this $25.7 trillion valuation would lead to a price of $1.295 million, nearly $1.3 million. Interestingly, Ark Invest’s Cathie Wood predicted last August that BTC could reach $1.3 million. In 2022, VanEck also projected a possible Bitcoin rise to $1.3 million.

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