In a recent social media post, Bill Morgan, a well-known pro-crypto lawyer and avid supporter of XRP, has put forth a thought-provoking perspective on the pricing dynamics of the digital asset.
Morgan, who often engages with the crypto community, has drawn attention to Metcalfe's Law, a principle suggesting that the value and utility of a network grow exponentially with the increase in users or participants.
The seasoned lawyer raised eyebrows by posing a question that has been lingering in the minds of many XRP enthusiasts: Is the price of XRP being held back by an enigmatic force? Morgan pointed to the growth of projects on the XRP Ledger (XRPL), notably after the integration of NFT functionality.
Despite these advancements, he notes, the price remains relatively stagnant compared to five years ago.
Metcalfe's Law, originally formulated in 1980 by Robert Metcalfe, links the financial value or influence of a telecommunications network to the square of the number of connected users.
Beyond surface
Morgan's assertion that this law could be a key factor in understanding the price action of XRP seems to add to the discussion that the popular token's valuation might be subject to external influences.
Despite Ripple's consistent denial of any direct impact on XRP's exchange rate and statements from officials, such as CTO David Schwartz, emphasizing that the XRPL is not entirely controlled by Ripple, a substantial portion of the XRP community remains skeptical.
Many members of the community have criticized the crypto company, expressing doubts about the transparency of its operations and its true role in shaping XRP's market trajectory.