Flare CEO Hugo Philion Calls XRP's Drop After Brazil XRPL Integration Lunacy
Flare co-founder Hugo Philion called XRP's price drop after Ripple's CSD BR integration announcement 'lunacy', saying the muted reaction to the XRPL tie-up does not make sense.
Why it matters
The CSD BR integration puts the XRP Ledger inside regulated Brazilian market infrastructure, with BTG Pactual fund shares as the first use case and Ripple's own executive indicating the scope could widen. The gap between a reported $15 billion in represented market capitalisation and an unchanged or lower XRP price is the point Philion raises, and neither outlet reports any Ripple response to his criticism.
Key facts
Ripple secured a partnership with Brazilian financial-market infrastructure provider CSD BR, which has started integrating the XRP Ledger into its infrastructure.
Reported by U.Today
The CSD BR integration starts with investment fund shares from BTG Pactual, described by U.Today as one of Latin America's largest investment banks.
Reported by U.Today
Judges said the first issuance will bring the represented market value to the XRPL before the end of 2026.
Reported by The Crypto Basic
Flare co-founder and CEO Hugo Philion called XRP's price drop after the announcement 'lunacy' and said it does not make sense.
Reported by U.Today
Philion said XRP is not his coin and compared the weak response with Flare's own token FLR, which he said suffers the same lacklustre response at times.
Reported by U.Today
According to CoinMarketCap data, XRP fell to $1.49 from $1.54 over 24 hours, a 3.24% loss, and stood at $1.5 at press time, up 0.69% over the day.
1.49 USDDisputed figureReported by The Crypto Basic
What happened
Ripple has partnered with Brazilian financial-market infrastructure provider CSD BR, which has begun integrating the XRP Ledger into its infrastructure, starting with investment fund shares from BTG Pactual. Ripple executive Luke Judges said the first issuance under the programme is expected to deliver around $15 billion of 'represented' market capitalisation on the XRPL before the end of 2026, and The Crypto Basic notes that figure is represented market value in a digital twin model rather than money invested in XRP. Flare co-founder and CEO Hugo Philion, writing on X, said XRP being down on the day after the announcement does not make sense, adding that he cannot help but point out the lunacy. Philion, who said XRP is not his coin, compared the reaction with Flare's own token FLR, which he said suffers the same lacklustre response at times. According to CoinMarketCap data cited by The Crypto Basic, XRP dipped to $1.49 from $1.54 over 24 hours, a 3.24% loss, while at press time it sat at $1.5, up 0.69% over the day. Both outlets covering the story trace it to the same X post by Philion, and U.Today notes Judges said the scope could extend beyond the initial fund-share programme.
How the story developed
- First report
First report by U.Today
XRP Price Drop Called 'Lunacy' by Flare CEO
- Update
Ripple and CSD BR announce the XRPL integration into Brazilian financial-market infrastructure
The project starts with investment fund shares from BTG Pactual.
- Official statement
Luke Judges sets out the size and nature of the first issuance
He said the first issuance should deliver around $15 billion of represented market capitalisation on the XRPL, which he described as a digital twin model rather than capital put into XRP.
- Update
Philion posts on X questioning the XRP price reaction
The Flare co-founder and CEO wrote that XRP being down on the day after the announcement does not make sense, and said FLR sees the same lacklustre response.
- Update
The Crypto Basic picks up the Philion post and adds CoinMarketCap price data
The syndicated write-up reports XRP at $1.49 after a 3.24% 24-hour loss, and at $1.5 at press time.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 1 Oct 2026, 06:03 UTC: U.Today — 1 independent source, 1 reports
- 1 Oct 2026, 07:35 UTC: The Crypto Basic — 2 independent sources, 2 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| U.Today Crypto media | XRP Price Drop Called 'Lunacy' by Flare CEO | Original | |
| The Crypto Basic Crypto media | Flare Founder Says It Doesn’t Make Sense as XRP Price Dips After $15B Announcement | Syndicated |
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