Former US Treasurer Rosie Rios tweeted in support of Ripple’s XRP as the company battles with the SEC
According to Rios, all other cryptocurrencies are speculative while XRP has utility and currency value
XRP currently trades 71% lower from its all time high of $3.40
YEREVAN (CoinChapter.com) — Former United States Treasurer Rosie Rios created an uproar on Twitter with her single tweet. Voicing support for Ripple’s native token XRP, Rios said the controversial token outshines other cryptocurrencies in the space.
Rios was the U.S. Treasurer during the presidency of Barack Obama.
Taking a swing at other cryptocurrencies, the 43rd Treasurer of the United States praised the XRP, claiming its applicability makes it more valuable than other cryptos.
The Unicon Hunters cast member also indicated that other digital tokens are unreliable, saying they “find their value in speculation.“
XRP’s primary purpose is facilitating cross border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home. #Ripple#ripplenet#Bitcoin
According to Rosie Rios, the fact that China hardened its crackdown on the crypto industry proves the importance and relevance of Ripple.
Ripple blockchain’s Unique Selling Point (USP) has been cheap and fast cross-border transactions through the XRP token.
Last week, prices of cryptocurrencies plummeted because of China again. First, a new circular by the People’s Bank of China (PBoC) hit the internet, sending prices down.
China Bans All Crypto – The People's Bank of China has announced that ALL crypto currencies cannot be circulated on the market. All crypto-related transactions, including services provided by offshore exchanges to domestic residents – are illicit financial activities. (Bloomberg) pic.twitter.com/ZpDfOh1i29
According to the updated circular, international exchanges are now banned from providing services to Chinese citizens online. In addition, exchanging, mining, and dealings with cryptos are now illegal in China.
The circular caused a FUD phenomenon in the markets, with people panic-selling in speculation.
Because of the Chinese circular, Bitcoin (BTC) shed over $4,000 while Ethereum (ETH) dipped over 13%. Most other popular Altcoins also headed south.
Somehow, Rosie Rios believes this fiasco proves that cryptocurrencies other than XRP are speculative.
However, on closer inspection, it becomes evident what she was hinting at. In her tweet, Rios demonstrated how Ripple has both a utility and a currency value, which distinguishes it from securities.
The first part of her claim, where she says XRP’s primary purpose is facilitating cross-border payments, goes to show the asset’s utility.
The second part of her tweet, on the other hand, clarifies that XRP has a currency value and does not rely on speculations.
With proven utility and currency value, the XRP differs from securities.
In March, the judge presiding over the Ripple vs. SEC case also made a similar statement.
During the hearing, Judge Srah Netburn admitted to XRP’s utility and currency value.
“My understanding about XRP is that not only does it have a currency value but it has a Utility and that utility distinguishes it from Bitcoin and Ether,”
the judge said.
Former Goldman Sachs expert Andrew Lokenauth also made a similar statement day back.
Claiming Ripple will replace the age-old SWIFT, Lokenauth asserted Ripple would redefine online payments.
Ripple XRP will redefine online payments, former Goldman Sachs expert https://t.co/kpm4al63qu
Keeping this in mind, Rosie Rios is smartly undermining other assets while at the same time promoting the XRP.
Rosie Rios is no stranger to Ripple
While the endorsement from a former U.S. Treasurer adds credibility to Ripple, people did not take it at face value.
True, Rios is a big name in the finance world, but she is not an innocent observer giving her opinions.
In May, Ms. Rios appeared on the payroll of Ripple when the company gave her a seat on its Board of Directors. So it is safe to say she has had a personal interest to promote the controversial asset.
Before she took her board position, I’d imagine Ripple gave Rosie Rios a peak behind the curtain of where they’ll be in 5 years.
During her appointment, she called Ripple “One of the best examples of how to use cryptocurrency in a substantive and legitimate role,” referring to its cross-border transaction utility.
“I’ve dedicated my career to financial inclusion and empowerment, which requires bringing new and innovative solutions to staid processes,”
Rios had further stated.
Since then, her list of followers has grown from less than 7,000 to over 30,000 on Twitter.
See how much her follower have grown since she started working with Ripple? That's the power of XRP Community! 🙂 pic.twitter.com/ALOLNflRpM
In the meantime, XRP trades at $0.956577 with a 24-hour trading volume of $3,480,346,955.
With the court case with the Securities Exchange Commission hanging on its head, Ripple looks for better days ahead. It currently trades 71.9% lower than its ATH of $3.40 in Jan. 2021, according to ConGecko data.
Without any guarantees, Ripple faces an uncertain future.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he currently works as a reporter at CoinChapter.
Contact: [email protected]
