CoinMeta data: On the day that Brazil’s core securities depository institution CSD BR announced the integration of assets into the XRP ledger, the price fell. Co-founder Hugo Philion stated that the market’s reaction to the latest news regarding XRP was meaningless, describing it as “crazy.” The Luke Judges of Ripple noted that this was the first time the XRP ledger had been incorporated into such a large-scale financial market infrastructure. CSD BR manages over 22 trillion Brazilian reais in registered assets and plans to bring a significant portion of Brazil’s fixed-income market into the XRPL; the initial issuance could potentially place about $15 billion in market value on the ledger. The total assets currently on the XRPL are approximately $6.3 billion. Some comments suggested that years of predictions that the value of XRP would reach $1,000 had worn investors down. Lawyer Bill Morgan pointed out that the market ignored the approval vote for the merger, calling it “the most irrational reaction from the most irrational market in human history.”