$XRP

angle caught my attention.
A William & Mary Law Review paper describes XRP purchasers as having, effectively, a slice of Ripple’s future cash flows.
That doesn't mean XRP holders own part of Ripple or are entitled to its profits.
The interesting part is the economic connection.
If Ripple's payment infrastructure continues to grow and $XRP becomes more important within that ecosystem, increased adoption could create stronger demand for XRP.
So the real question isn't whether XRP holders legally own Ripple's cash flows.
It's how much economic value $XRP can capture as the ecosystem around it keeps expanding.
That's the part I'm watching.