Vandell, co-founder of Black Swan Capitalist, believes XRP can continue appreciating even without increased utility, regulation or widespread adoption. He stated on X that the asset’s histori
Vandell, co-founder of Black Swan Capitalist, believes XRP can continue appreciating even without increased utility, regulation or widespread adoption.
He stated on X that the asset’s historical performance supports his position, pointing to scarcity, market speculation and dollar-denominated asset inflation as major factors behind its price movements.
His comments also clarify that he does not dismiss institutional adoption but considers it an additional source of demand rather than a requirement for XRP to rise.
XRP doesn’t need utility to go higher. It never has. Markets don’t price utility, they price scarcity and narrative. Fixed supply, escrow dynamics, perceived value, and the simple fact that every major risk asset has inflated against the dollar are the primary drivers, not…
— Vandell | Black Swan Capitalist (@vandell33) October 20, 2026
Vandell responded to David Frank, who questioned how an asset with no utility could increase in value. To explain his position, the Black Swan Capitalist co-founder compared XRP’s price history with Bitcoin’s, noting that Bitcoin rose from around $1 to a peak of $126,000, while XRP climbed from less than one cent to its all-time high, gaining more than 115,000% from its early price levels.
He attributed these gains to asset inflation within the debt-based financial system, arguing that utility is not the only factor that drives prices higher.
Vandell maintained that XRP had already appreciated significantly without widespread adoption, regulatory clarity or substantial utility-driven demand, suggesting that similar market forces could continue to support its price.
Vandell also explained that markets do not price assets exclusively according to their utility. Instead, he identified scarcity, narrative, perceived value and the effects of dollar inflation on risk assets as important influences on market prices.
He highlighted XRP’s fixed supply and escrow arrangements as factors that investors consider when assessing the asset. From his perspective, these characteristics, combined with wider market conditions, could continue supporting price appreciation even if adoption progresses more slowly than expected.
Vandell stressed that he was not rejecting the potential benefits of utility. He explained that institutional demand and global adoption could increase demand for XRP and amplify its price performance. His point was that these developments are not the only factors capable of driving an increase.
The comments drew disagreement from other participants in the thread. Trevor Wells argued that XRP’s utility is connected to the value of the token, challenging Vandell’s comparison with Bitcoin.
Another commenter, FlowOverNoise, acknowledged that speculation could push XRP higher but noted that the market has changed since 2017. The commenter pointed to asset tokenization and institutional liquidity requirements as developments that could make utility-driven demand increasingly important.
FlowOverNoise also suggested that institutional adoption could create demand beyond speculative trading if financial institutions need to acquire XRP, maintain reserves or use it to transfer liquidity.
The disagreement reflects two different views of XRP’s potential. Speculation, scarcity and macroeconomic conditions can influence prices, but sustained utility could introduce additional sources of demand. Neither outcome is guaranteed, and XRP’s future valuation will depend on market conditions and the extent to which investors and institutions actually demand the asset.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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