The “entire world,” according to E. Smitty, the founder and CEO of Sound Alive Records, will adopt the $XRP token because it is a cryptocurrency with quick settlement times and low transaction costs.
E. Smitty, a music producer, revealed in a tweet to his over 170,000 followers on the microblogging service that he utilizes $XRP as a medium of exchange every day to pay musicians royalties and accepts payments in the token for mixing, mastering, producing, and marketing.
The musician is a well-known proponent of $XRP who has been backing it and several other cryptocurrencies over the past few months. E. Smitty occasionally gives away free tokens to his social media followers in different giveaways.
Notably, during the past few weeks, a number of analysts have begun to change their stances on cryptocurrency. A well-known cryptocurrency analyst has reiterated his $XRP price forecast made at a time when Ripple and the U.S. Securities and Exchange Commission (SEC) are awaiting a decision in their protracted legal dispute through a process known as summary judgment.
Early this month, after the SEC and Ripple both requested a summary judgment, the price of XRP skyrocketed. In 2020, the SEC filed a lawsuit against Ripple and two of its officials, alleging that they sold unregistered securities when they released XRP coins worth $1.3 billion. XRP is not a security, according to Ripple.
If Ripple wins the lawsuit, there may be a shock in the XRP supply, which would likely result in a rise in price because demand would remain the same while supply fell. According to Jeremy Hogan, a legal expert and proponent of XRP who has been monitoring the issue, this is the situation.
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