XRP Stuck Despite Bullish Momentum? New Research Reveals Possible Cause

A controversial theory about XRP’s price performance is gaining traction after Apex Crypto researcher Jesse suggested that the token may be intentionally held back. His argument stems from a 2021 Citibank paper that initially used the term “Regulated Internet of Value” before later replacing it with “Regulated Liability Network.” Jesse believes the wording was changed to obscure what he sees as a clear connection to Ripple’s long-standing vision for global payments.

The theory has resonated with some XRP supporters who question why the token has failed to post significant gains despite Ripple’s growing list of institutional partnerships and years of infrastructure development. Given Ripple’s focus on transforming cross-border payments and the ambitions of the Interledger Protocol, many investors continue to wonder why XRP has not reflected that progress in its market valuation.

Citibank Paper Sparks Questions About XRP’s Role

According to Jesse, Citibank’s original reference to a “Regulated Internet of Value” closely aligned with Ripple’s own Internet of Value concept, which seeks to enable seamless movement of money across different payment networks. He argues that the later shift to the term “Regulated Liability Network” removed an explicit link to Ripple while preserving the underlying idea.

The argument draws further support from comments made by Tony McLaughlin, one of the leading advocates of the Regulated Liability Network. McLaughlin has described the framework as a shared ledger system designed to support tokenized bank deposits, a model that many observers view as conceptually similar to Ripple’s broader goals.

At the same time, the Bank for International Settlements has explored unified ledger architectures that could modernize global settlement systems and reduce reliance on traditional correspondent banking networks such as SWIFT. These developments have fueled speculation that Ripple’s technology—or elements of its ecosystem—could eventually play a role in future financial infrastructure.

Jesse contends that if XRP sits at the center of such a system, institutions may prefer price stability over rapid appreciation. In that scenario, excessive volatility could become a drawback rather than an advantage.

Ripple Executives Reject Manipulation Claims

Ripple executives have repeatedly pushed back against suggestions that XRP’s price is being controlled. CEO Brad Garlinghouse has argued that the asset’s multi-billion-dollar daily trading volume makes coordinated price manipulation highly unlikely. Meanwhile, CTO David Schwartz has noted that XRP’s performance has generally tracked the broader altcoin market rather than behaving as an outlier.

Critics of Jesse’s theory also point out that regulators have never presented evidence of XRP price suppression. Notably, the SEC’s extensive investigation into Ripple before filing its 2020 lawsuit did not produce findings related to market manipulation.

As a result, the theory remains speculative, built largely on institutional developments, terminology changes, and circumstantial connections rather than verifiable trading data or official disclosures.

Even so, the discussion continues to attract attention across the crypto community. What was once dismissed as a fringe narrative is increasingly being examined as analysts explore the gap between Ripple’s institutional progress and XRP’s relatively muted long-term price performance.