The CEO of Messari, a platform that provides data and research on cryptocurrency, has caused excitement and surprise among supporters of XRP by expressing support for Ripple and the XRP Ledger. The CEO’s endorsement is significant because it carries weight within the cryptocurrency industry and may influence the opinions of others.
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In a tweet posted yesterday, Ryan Selkis stated that he now has greater support for Ripple than he previously had. He expressed his confidence in Ripple’s ability to emerge victorious in its ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding whether XRP should be classified as a security.
Furthermore, Selkis also expressed his desire for the legal outcome to provide a fair playing field for the XRP Ledger as a digital payments network, allowing it to compete with other digital payment networks.
It is important to highlight that the recent endorsement of Ripple by the CEO of Messari comes after the release of a Messari report on the XRP Ledger that generated considerable interest in the cryptocurrency community. The report showcased the capabilities of the XRP Ledger and highlighted that it had processed up to 2.9 billion transactions in Q4 2022, with an average of about 1.2 million daily, which was a decrease from the previous quarter, which had 1.5 million daily transactions in Q4 2021. The report also disclosed that the number of XRPL accounts is nearing 5 million.
Although there have been criticisms that Ripple commissioned Messari to write the report, it should be highlighted that this seems to be a common practice for Messari. It is not unusual for companies to commission reports on blockchain, and other reports have been commissioned by the companies behind them.
However, it is important to note that Messari claims that the commissioning company does not have any influence on the content of the report. Despite the fact that Ripple commissioned the coverage by Messari, it should be noted that the firm has a policy of maintaining editorial independence.
Ryan Selkis has been known in the past for his criticisms of Ripple, particularly in regards to XRP’s value proposition and the transparency of Ripple’s operations. He has also accused Ripple of potentially engaging in fraudulent conduct. Surprisingly, as early as 2021, Selkis has stated that he does not believe that Ripple has violated any security laws, indicating a change in his stance towards the company. Despite his past criticisms, Selkis ha publicly expressed his support for Ripple and the XRP Ledger.
Expectedly, the recent coverage of the XRPL by Messari has generated excitement among members of the XRP community. David Schwartz, Ripple’s Chief Technology Officer, reacted to the post with a GIF that expressed surprised excitement, a response that other members of the community also shared.
Deaton further stated that:
According to a recent report, the price of XRP has surged significantly, increasing by more than 21% in the last 24 hours. This sudden increase in price could potentially suggest that investors are feeling optimistic about the outcome of the ongoing SEC case against Ripple. The price surge is particularly notable, with XRP’s value having increased by more than 21% at the time of the report.