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The largest initial public offering in history is already in the books, as Elon Musk’s 24-year-old spaceflight behemoth debuted on Wall Street with a whopping $1.77 trillion valuation after it raised $75 billion.
It also became a retail investor’s dream, with more than $100 billion worth of orders from such investors. As such, we decided to ask whether one of the most popular altcoins, which is also among retail’s favorites, could feel the impact of this massive financial event.
$XRP’s Less Bullish Narrative
Unlike with bitcoin, where the link between the two assets was quite direct and obvious, ChatGPT said that the answer for $XRP is “more complicated,” and perhaps “less bullish than some investors would like.” SpaceX has publicly disclosed it has a substantial exposure to BTC, but there is no major indication that it holds $XRP, uses the $XRP Ledger, or “plans to integrate Ripple’s payment technology.”
As such, $XRP’s price reaction will be more dependent on the broader market flows rather than on SpaceX’s IPO or stock moves. The AI warned that the short-term perspective for Ripple’s token leans more bearish, as a “listing of this size can suck liquidity out of speculative markets, especially when retail investors are heavily involved.”
“$XRP is still a high-beta crypto asset, and when traders need cash to chase a massive IPO, altcoins are often among the first positions to be reduced.”
Gemini also noted that the immediate threat to the cross-border token is the “liquidity vacuum.” It added that even $XRP’s loyal and active retail community is being tested when such a “generational tech narrative like SpaceX emerges.”
Or Maybe Not So Fast
Similar to its bitcoin narrative, Gemini said the “wealth effect” could be highly beneficial to $XRP in the long run. This is because when the dust of the IPO and the $75 billion raise settles, an “enormous amount of new wealth will have been unlocked for early private investors.” Such capital tends to be redistributed “down the risk curve,” and high-cap altcoins could be among the largest beneficiaries, as they sometimes offer “asymmetric returns.”
ChatGPT also noted that there’s a positive side to this IPO, as it’s not “purely negative” for $XRP. If SpaceX trades strongly and the broader market enters a new risk-on phase, the cross-border token could “benefit alongside other large-cap cryptocurrencies.”
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$XRP also has its own separate bullish case as the company behind it continues to push into payments, stablecoins, tokenization, and institutional infrastructure.
“If the market begins rewarding real-world utility again, $XRP could still outperform many speculative tokens, even if it is not directly linked to SpaceX.”
