Flare co-founder and CEO Hugo Philion has described XRP's muted price reaction to a major XRP Ledger infrastructure breakthrough in Brazil as "lunacy." Ripple recently partnered with Brazilian financial-market infrastructure provider CSD BR, which is integrating the XRP Ledger into its systems, starting with investment fund shares from BTG Pactual, one of Latin America's largest investment banks. Ripple executive Luke Judges estimates the first issuance under this program could reach approximately $15 billion in "represented" market capitalization on the XRP Ledger, though he clarified this does not mean $15 billion will be invested in XRP. Judges hopes to see this issuance by the end of 2026, noting XRPL is currently the sole blockchain in CSD BR's technology stack. Despite these developments, XRP's price remains subdued, trading at around $1.51 with a near-flat performance over the past week.