A financial expert has recently spotlighted what she believes could be the most plausible explanation for the controversial 589 figure for XRP.
The number 589 has become a controversial and symbolic figure in the XRP community, with speculations spanning from price predictions to hidden meanings. Recently, Linda P. Jones discussed a theory linking the figure to international currency standards.
The origins of the 589 narrative date back to 2019, when it emerged as a speculative prediction that XRP’s price would skyrocket to $589. Proponents suggested this rise could occur due to adoption by financial institutions, major regulatory milestones, or a broader financial reset.
Although the price prediction has not materialized, the number 589 continues to provoke discussions among XRP supporters, often as a meme or cult symbol. Recently, Vet, an XRPL validator, stressed it was a mere reflection of handling challenges rather than an actual price target.
The XRP International Currency Code Theory
In her latest commentary, Jones referred to a post made by a community commentator, Sandy, discussing a possible connection to the ISO 4217 currency standard. Data confirms that the number 589 is currently unassigned on the list of globally recognized currency codes.
In case you are wondering what 589 means, this is the best explanation I’ve seen yet. I would guess it is a number for a currency that starts with P, like Palau? #XRP https://t.co/kRVxjRMCAC
— Linda P. Jones (@LindaPJones) December 5, 2024
Sandy proposed that this unassigned status could imply future alignment with an asset like XRP or Ripple’s forthcoming stablecoin, RLUSD. If this is accurate, XRP might receive a level of unprecedented regulatory and global financial recognition for a crypto asset.
Further, it bears mentioning that Ripple CEO Brad Garlinghouse has persistently maintained exactly 589 accounts in his X (Twitter) following. This has fueled further speculation that Ripple might be hinting at a broader significance for the number.
Sandy argued that such associations could invite legal risks, especially given Ripple’s ongoing legal battle with the U.S. SEC if the 589 figure was just mere speculation. Legal issues could arise if regulatory bodies observe Ripple endorsing speculative theories for market manipulation.
A Possible Loophole
However, the currency code theory overlooks an important detail. Notably, the ISO 4217 standard alphabetically assigns numerical codes to internationally recognized currencies, with codes like 576 for the Norwegian krone, 586 for the Pakistani rupee, and 590 for the Panamanian balboa.
Logically, any currency taking the 589 slot would need to align alphabetically between Pakistan and Panama, suggesting it should start with a “P.” This complicates theories linking the number to XRP, which begins with “X,” unless Ripple introduces a currency fitting the criteria.
Historical Context Around the 589 Figure
For the uninitiated, the XRP 589 figure became widely known through a combination of speculation and viral content. One infamous example was a fake screenshot from The Simpsons claiming the show predicted XRP reaching $589 by the end of a given year.
Despite these explanations, the most grounded interpretations of 589 stem from Ripple’s actual ambitions. Early predictions tied the figure to Ripple’s xRapid platform. However, all these theories all have their loopholes, leading to the dismissal of the enigmatic figure.
