Hugo Philion, co-founder of the Flare network, publicly commented on XRP’s market response following a major institutional milestone for the cryptocurrency. Although Philion stated that XRP is not his main area of focus, he described the market’s reaction as “lunacy,” highlighting a situation worth looking into closely.
The CSD BR Deal
Ripple and CSD BR, a regulated central securities depository in Brazil, revealed a live integration of the XRP Ledger into the country’s capital markets infrastructure on September 29. CSD BR oversees over BRL 22 trillion ($4.23 trillion) in registered assets.
During the initial asset issuance cycle, Ripple executive Luke Judges estimated the potential market capitalization could reach up to $15 billion. Ripple’s managing director for Latin America emphasized that the partnership transitions the technology past pilot programs and proofs of concept into live, regulated infrastructure—qualifying it as a significant milestone by virtually all standards.
XRP isn’t “my” coin but I can’t help but point out the lunacy (because FLR suffers from the same lacklustre response sometimes) that XRP is down on the day after the revealing of something that is so potentially transformative. It doesn’t make sense. https://t.co/VhguqepdCw
— Hugo Philion (@HugoPhilion) September 30, 2026
The Price Drop
Despite the scale of the institutional news, XRP failed to react in the manner usually expected. Around the time of the announcement, the asset traded at roughly $1.51 before dropping to about $1.47 by October 1. Even with a major regulated infrastructure partnership established, the token’s price moved downward.
Philion pointed this out explicitly, mentioning that Flare’s native token, FLR, similarly experiences “the same lacklustre response sometimes,” providing perspective on his remarks. Rather than simple tribalism, his comment stems from a familiar perspective on institutional integration failing to immediately impact market prices.
The Community’s Reaction
The underwhelming performance of XRP has sparked frustration among vocal supporters, leading to various interpretations within the community. One participant suggested the broader market has yet to grasp the announcement’s true value, pointing to potential suppression or manipulation as the cause for a flat price—though others in the discussion acknowledged such claims cannot be verified.
We are on X, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) June 15, 2025
Another contributor noted that prices ultimately shift based on utility, arguing that if market participants do not view the news as material to XRP’s role as a traded asset, valuations will remain static regardless of the partnership’s importance.
What Could Happen Next?
Although Evernorth achieved a major victory recently, XRP’s price failed to mirror the success. Philion’s remarks highlight an ongoing friction. While the CSD BR integration is live, regulated, and operational, the market price reflects a different reality, having yet to price in the expanded role of the XRP Ledger within Brazil’s financial framework.
Future price movements will likely hinge on how subsequent phases of the integration unfold and the extent to which the multi-trillion-dollar asset base interacts directly with the ledger.