Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

Leading media outlet Bloomberg infuriates XRP community members with its description of the seventh-biggest cryptocurrency. 

In a recent article titled “Settlement Speculation Pushes XRP to Forefront of Crypto Rally,” Bloomberg characterized XRP as a “little-known cryptocurrency.” 

According to Bloomberg, speculations about a potential settlement in the ongoing lawsuit between the SEC and Ripple have put the XRP at the forefront of the crypto rally, with an astronomical price surge of 40% recorded over the past week. 

Notably, Bloomberg Crypto, the media outlet’s crypto arm, shared a link to the article on X. 

XRP Community Members React 

Despite Bloomberg highlighting XRP’s massive growth over the past week, its description of the asset as a “little-known” cryptocurrency irked community members. 

The development triggered reactions among prominent XRP enthusiasts, including crypto YouTuber Ben Armstrong (a.k.a. BitBoy). 

Popular media personality Zach Rector characterized the description as a joke, adding that he would address it in a video later today. 

A Move to Attract Engagement 

Furthermore, most XRP enthusiasts suggested that Bloomberg intentionally used the description to stir engagement from its community members. 

It bears mentioning that the Bloomberg tweet has received enormous engagement since it was posted yesterday at 17:44 PM (UTC). So far, it has attracted over 91,000 views, 382 likes, and 167 retweets. This is currently one of Bloomberg Crypto’s best-performing tweets in recent times. 

XRP Popularity Surges 

It is unclear whether Bloomberg intentionally used the description to fuel engagement. However, XRP has gained massive popularity in the crypto and traditional finance sectors. Crypto investors are usually focused on XRP due to its ranking among the top 10 crypto assets by market capitalization.  

Additionally, XRP has attracted investors’ attention based on its involvement in the ongoing legal dispute between the SEC and Ripple. Interestingly, several crypto entities, including Binance and Coinbase, leveraged the Ripple decision, which declared XRP a non-security, to bolster their arguments against the SEC. 

On the other hand, XRP is also making waves in the traditional finance industry. Several financial institutions, including Tranglo and Japan banks, have utilized XRP for cross-border settlements via Ripple’s payments solution, ODL (now Ripple Payments). 

At press time, XRP is up 32.65% over the past 7 days to 59 cents. It is currently ranked as the seventh-largest cryptocurrency, with a market cap of $33 billion.