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).
$XRP “a little-known cryptocurrency” https://t.co/ZPuBlKHTJj
— BitBoy (@BenArmstrongsX) July 17, 2024
Popular media personality Zach Rector characterized the description as a joke, adding that he would address it in a video later today.
What a joke! “Little-known cryptocurrency.”
New #XRP video addressing this dropping at 7 PM EST https://t.co/D0w1QR5HRB— Zach Rector (@ZachRector7) July 17, 2024
A Move to Attract Engagement
Furthermore, most XRP enthusiasts suggested that Bloomberg intentionally used the description to stir engagement from its community members.
Hey everyone, don’t be fooled. Bloomberg knew they would get more attention from everyone by adding “little-known” in the tweet. Smart!
— Bull Diep (@DiepSanh) July 17, 2024
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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