Chainlink’s native token, LINK, has surged 29% as the community sees it as a true “bank coin,” compared to XRP.
On December 3, Chainlink (LINK) Token surged to $25.32, marking a nearly 30% increase in 24 hours. According to data from TinTucBitcoin, the Token was worth $16.54 on November 26, reflecting a 53% increase in the past seven days.
Seven-day price chart for LINK Token. Source: TinTucBitcoin
Chainlink's recent rally could be influenced by a number of factors, including XRP's recent rally and developments in the blockchain oracle network ecosystem.
Chainlink Advocates Compare LINK to XRP
On December 1, XRP (XRP) spiked to $2.46 before correcting slightly as the community looked forward to a more favorable political environment for cryptocurrencies in the United States and progress on Ripple's stablecoin project.
Source: Aylo
Some Chainlink advocates believe that XRP’s recent price surge will draw attention to LINK. Aylo, a researcher and advisor to DeFi protocol Kamino Finance, suggested that XRP’s recent price surge could draw attention to Chainlink’s partnerships with traditional finance and capital markets. “LINK is XRP,” Aylo stated, emphasizing that Chainlink is actively working with traditional finance.
XRP is a “banking-themed memecoin”
Chainlink advocate Zach Rynes, better known as ChainLinkGod on X, echoed Aylo’s sentiments and claimed that LINK is the true “bank coin.” Rynes said Chainlink is working with the “largest institutions” in the world to connect banks to the blockchain.
Source: Zach Rynes
The Chainlink supporter listed Chainlink’s partnerships and collaborations with major banks and traditional financial institutions. He added:
“All of this and more is not speculation or wishful thinking, but actual work that Chainlink is doing with financial institutions, announced by the banks themselves.”
In addition to defending Chainlink from what he described as the “just an oracle” narrative, the Chainlink investor also took a swipe at the XRP project, comparing it to a memecoin.
According to Rynes, the token is a “banking-themed memecoin” that has not gained significant traction in cross-border payments. He argues that there is no need for a country-to-country connection when stablecoins and central bank digital currencies (CBDCs) already exist.
Rynes asserts that this is why Ripple is moving into their stablecoin, custody, and CBDCs platform.
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