XRP group members are upset with Bloomberg’s portrayal of the seventh-largest cryptocurrency.
Bloomberg as of late described XRP as a “little-known cryptocurrency,” in an article titled “Settlement speculation propels XRP to the forefront of the crypto rally.”
XRP has led the cryptocurrency rally with an incredible price increase of 40% in the past week, driven by rumors of a settlement in the ongoing dispute between the SEC and Ripple, according to Bloomberg.
Particularly, Bloomberg Crypto, the media outlet’s cryptocurrency unit, posted a link to the article on X.
Community Members of XRP Respond
Despite Bloomberg’s emphasis on XRP’s rapid increase over the previous week, their portrayal of the asset as a “little-known” cryptocurrency irritated community members.
Famous XRP fans reacted to this development, including Bitboy, aka cryptocurrency YouTuber Ben Armstrong.
Media personality Jack Rector found the description amusing and said he would answer it in a video to be made later today.
One step to gaining engagement
Most XRP fans believed that Bloomberg intentionally used the term to promote community participation.
Hey guys, don’t be fooled. Bloomberg knew he would get more attention if he added “lesser known” to the tweet. Clever!
Bull Diep (@DiepSanh) July 17, 2024
It is important to note that since being tweeted yesterday at 17:44 (UTC), the Bloomberg tweet has received a lot of reactions. Over 91,000 individuals have seen it, 382 individuals have liked it, and 167 individuals have retweeted it. At the moment, it is one of the most popular tweets from Bloomberg Crypto ever.
The popularity of XRP rises
It is uncertain whether Bloomberg intentionally used the term to increase conversation. XRP has become extremely popular in both the traditional and cryptocurrency banking industries. Because of its position in the top 10 crypto assets by market capitalization, XRP is usually the center of attention for cryptocurrency investors.
XRP has received investor interest because of its involvement in the ongoing legal conflict between the SEC and Ripple. Interestingly, some cryptocurrency companies, including Binance and Coinbase, used the Ripple ruling, which designated XRP a non-security, to strengthen their case against the SEC.
However, the traditional finance sector is also seeing significant changes because of XRP. Many financial organizations have used XRP for cross-border settlements via Ripple’s payment solution, ODL (now Ripple Payments), including Tranglo and Japanese banks.
At press time, XRP has risen 32.65% in the last 7 days to 59 cents. It is presently the seventh-largest cryptocurrency, with a market capitalization of $33 billion.
