XRP is a network token that allows you to use the Ripple Network. To my knowledge, it doesn't give you "equity" or ownership in anything.

I stated the same (with other words).

So the funding raised does not back up XRP in any way. If XRP does in fact have legal status other than "gas", please provide a link, thanks.

Ripple started as Open Coin, on the early days there was no "Series A" funding or "Series B" funding of capital. There was the Ripple Protocol and XRP. They actually "survived" daily costs by selling XRP.

Now Ripple holds 64 B XRP. It is today true that Ripple is in no need to sell XRP to fund its daily operations because they are well funded by 2 rounds of capitalization (Series A and Series B). $93 Million.

However those 64 B XRP are still and asset. And is an asset that serves as "collateral" for those Series A and Series B investors.

According to Steemit Inc., I guess they have private investors. But since there are no "funding rounds" and no public information there is no way for the market to establish how well (or not) the value of STEEM is "backed".

In my opinion each time Ripple incorporates capital it becomes less dependant of XRP (as a means to fund the company) and that is exactly what evaporates XRP sell pressure (in other terms, makes XRP more "valuable").