In September, veteran trader Peter Brandt called XRP (CRYPTO:XRP) a “fool coin.” He argued that just because a token enables quick and cheap payments doesn’t necessarily mean it’s a solid investment. His critique came just days before Evernorth’s 473 million XRP is set to begin trading on Nasdaq under the ticker XRPN on October 8.
As of October 2, XRP is priced at $1.52, about 58% lower than its peak of $3.65 in July 2025. This raises the question: does XRP’s payment utility carry weight in its price potential, or is Brandt correct that usefulness and investment value are distinct?
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Peter Brandt Says XRP’s Payment Use Does Not Create Investment Value
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Brandt acknowledges that XRP can facilitate effective, inexpensive transactions. However, his argument focuses on a narrower point: a token’s payment functionality does not automatically translate into higher value.
For example, a payment firm using the On-Demand Liquidity service converts dollars into XRP, sends it across the XRP Ledger, and then converts it into another currency. The quicker this transaction happens, the less XRP is needed at any given moment. Importantly, XRP holders do not benefit from transaction fees or Ripple’s revenue, so XRP’s price relies more on how many people want to hold it than how many use it.
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What’s notable is that Brandt is not a crypto skeptic, which makes his critique more significant. He has predicted that Bitcoin (CRYPTO:BTC) might reach $600,000 by 2029 and expects Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL) to rise as well. However, he has drawn a line in the crypto space, placing XRP on the less favorable side.
XRP Trailed Bitcoin, Ethereum and Solana Over 90 Days and a Year
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Over the 90 days leading up to October 1, XRP rose 31% and 10% in the past month, suggesting some buyers are still interested in the token. However, over the same period, Bitcoin rose 33%, Ethereum 53%, and Solana 43%. This demonstrates that XRP’s recent rally has not kept pace with these favored cryptocurrencies and appears more tied to overall market trends.
Over the long term, XRP’s performance continues to lag. It has dropped about 50% over the past year, while Bitcoin has only declined by 30%, Ethereum by 38%, and Solana by 47%. This makes XRP the weakest performer of the four.
For instance, someone who invested $1,000 in XRP a year ago would have about $504 today, compared with around $703 for the same investment in Bitcoin. Many XRP holders, who bought when prices were above $2.75, are still waiting for a rebound.
Evernorth’s 473 Million XRP Listing Adds Access, Not Proven New Buyers
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Shareholders of Armada Acquisition Corp. II, a special purpose acquisition company (SPAC), approved the merger with Evernorth on September 30. This merger is anticipated to close on October 7, and at the current price of $1.52, Evernorth’s 473 million XRP is valued at around $719 million.
However, while this listing gives stock investors a new way to gain exposure to XRP, it does not guarantee new buyers. Evernorth already possesses these coins, so the Nasdaq listing merely re-packages them unless the company decides to acquire additional XRP.
Additionally, with approximately 63 billion of XRP’s 100 billion maximum supply currently in circulation, and Ripple holding much of the remaining supply in escrow (which releases tokens on a scheduled basis), any released tokens that get sold add supply buyers must absorb.
Does Payment Utility Count for Anything in XRP’s Price?
So far, payment utility appears to have limited influence on XRP’s price, lending credence to Brandt’s argument. While XRP has experienced a rally alongside the broader market, it continues to lag behind Bitcoin, Ethereum, and Solana over the last 90 days, and has fared the worst of the four coins over the past year, indicating it may be driven more by market sentiment than actual utility.
Unfortunately for XRP holders, this suggests they may have to wait longer for its utility to be reflected in its price. As Evernorth’s Nasdaq debut approaches, if it reports holding more than 473 million XRP after October 8, funded by fresh investments, it could signal new money entering the market. Additionally, if XRP surpasses $1.66, its peak from September 23, it may indicate buyers are pushing beyond where the previous rally stalled.
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