Crypto commentator Jesse from Apex Crypto has reignited debate around XRP’s long-term price performance, arguing that the token may be facing deliberate suppression. His theory centers on a 2021 Citibank paper that originally referenced a “Regulated Internet of Value” before the phrase was later replaced with “Regulated Liability Network.” According to Jesse, the change was intended to reduce the document’s apparent connection to Ripple and its vision for global value transfer.

The claim has gained attention because XRP, despite Ripple’s growing institutional presence and the expansive goals of the Interledger Protocol, has struggled to deliver the kind of sustained price appreciation many supporters expected. For some analysts, the disconnect between Ripple’s business progress and XRP’s market performance remains a point of curiosity.

Citibank’s Terminology Shift Fuels XRP Debate

Jesse argues that Citibank’s original use of the term “Regulated Internet of Value” closely mirrored Ripple’s own Internet of Value strategy and the underlying principles of the Interledger Protocol. He believes the subsequent rebranding to “Regulated Liability Network” effectively removed references that could have tied the initiative too closely to Ripple.

His thesis extends beyond a simple name change. Tony McLaughlin, a key figure behind the Regulated Liability Network concept, has publicly described the framework as a shared-ledger system for tokenized bank deposits. The idea bears notable similarities to the type of interconnected financial infrastructure Ripple has advocated for since its early days.

Adding to the discussion, the Bank for International Settlements has explored unified ledger models that could streamline cross-border settlements and potentially reduce dependence on traditional correspondent banking systems, including SWIFT. These developments have prompted some XRP supporters to speculate about Ripple’s potential role in future institutional payment networks.

Under Jesse’s theory, if XRP—or technology derived from Ripple’s ecosystem—eventually becomes part of such critical financial infrastructure, major institutions would prefer a stable and predictable asset rather than one prone to extreme price swings.

Critics Point to Lack of Evidence

Not everyone is convinced. Ripple CEO Brad Garlinghouse has previously stated that XRP’s multi-billion-dollar daily trading volume makes it virtually impossible for any single entity to control its market price. Ripple CTO David Schwartz has likewise argued that XRP’s price movements largely mirror those of other major altcoins.

Furthermore, regulators have never produced evidence supporting claims of XRP price manipulation. The SEC’s lengthy investigation into Ripple, which preceded its 2020 lawsuit, did not uncover findings suggesting coordinated efforts to suppress or control the token’s value.

As a result, Jesse’s argument remains largely speculative, relying on document interpretations and perceived institutional connections rather than concrete evidence such as trading data, internal communications, or regulatory disclosures.

While the question remains unanswered, the theory has nevertheless attracted attention among crypto researchers. Increasingly, analysts are examining whether there is any meaningful relationship between the evolution of institutional settlement infrastructure and XRP’s decade-long struggle to achieve a sustained breakout.