Eric Finnerud, also known as E. Smitty, is the CEO and founder of Sound Alive Records. He recently stated that he is of the opinion that the $XRP token will be adopted by the “entire world” due to the fact that it is a cryptocurrency that has quick settlement times and low transaction fees.
E. Smitty stated that he accepts $XRP payments for mixing, mastering, producing, and marketing in addition to using $XRP every day as a currency to pay artists royalties in the token in a tweet that he sent to his more than 170,000 followers on the microblogging platform.
The music producer is particularly well-known as a supporter of $XRP and a number of other cryptocurrencies over the past few months.E. Smitty has given away free tokens to his social media followers in various giveaways from time to time.
Notably, over the past few weeks, a number of analysts have begun to favor the cryptocurrency.As reported by CryptoGlobe, a cryptocurrency analyst with a large following has increased the accuracy of his $XRP price prediction at a time when Ripple and the U.S. Securities and Exchange Commission (SEC) are seeking a so-called summary judgment in their ongoing legal dispute.
After Ripple and the SEC requested a summary judgment, the price of XRP increased earlier this month.In 2020, the SEC filed a lawsuit against Ripple and two of its executives, claiming that they sold unregistered securities when they issued XRP tokens worth $1.3 billion.XRP is not a security, according to Ripple.
The settlement of the lawsuit by Ripple could cause a supply shock for XRP, which would probably cause a price increase because demand would remain the same while supply would decrease.That’s according to Jeremy Hogan, a legal expert and advocate for XRP who has been following the case.
