A crypto analyst pointed out that for XRP’s value to increase significantly, the key lies in whether it can be used as collateral by major financial institutions, rather than merely as a medium of payment. The analyst believes that when assets are used as collateral, they are held and locked up, thereby generating structural demand—which differs from transactional demand. If XRP were used as collateral for cross-border settlements, derivatives positions, or interbank lending—much like U.S. Treasury bonds or cash equivalents—its demand pattern would be completely transformed, making it possible for its market capitalization to reach $100 trillion. Ripple previously achieved a landmark victory in its lawsuit against the U.S. SEC, with a judge ruling that XRP itself is not a security—a decision that removed the biggest obstacle to institutional adoption of XRP as collateral.