A recent compilation of misconceptions surrounding XRP and its adoption has caught the attention of Ripple’s Chief Technology Officer (CTO), David Schwartz.
Compiled by a crypto trader known as Sir Clown Sniper (@ClownSnipersX), the list aims to address and dispel fallacies that have been circulating within the XRP community, particularly regarding XRP adoption.
Read Also: Ripple CTO David Schwartz Reveals Compelling Facts About Bitcoin (BTC)
Sir Clown Sniper stated, “Ok Mr. @JoelKatz, would you please address my NEW “10 things the #XRPCommunity needs to learn” at your earliest convenience?”
To my knowledge, all of these are essentially true. There are some small exceptions such as this one:https://t.co/BgtoEziiSE
— David "JoelKatz" Schwartz (@JoelKatz) November 16, 2023
Schwartz acknowledged the accuracy of most of the claims, except two about R3, which he clarified. When grouped, the misinterpretations addressed in the compilation include:
SWIFT’s Use of XRP: Contrary to some claims, SWIFT, the global financial messaging system, does not currently use XRP in its payment settlement operations. While there has been discussion about the digital asset’s potential role in SWIFT’s future, no formal partnership or integration exists.
BlackRock XRP ETF: A recent BlackRock XRP ETF filing was found to be a hoax. Many believed this filing was genuine, leading to a surge to over $0.7 for XRP. However, the token has since shed those gains and is currently trading at $0.6071, down 1.46% in 24 hours.
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CBDC Projects and XRPL: No central bank digital currency (CBDC) project currently uses the XRP Ledger (XRPL) for its operations. Countries only exploring Ripple’s CBDC platform, which features private ledgers distinct from the public XRPL.
FEDNow and XRP: The FEDNow instant payment service developed by the U.S. Federal Reserve also does not use XRP or the XRPL. While FEDNow enables real-time money transfers between individuals and businesses, it operates independently of Ripple’s technology.
Read Also: Ripple CTO David Schwartz: Higher XRP Prices Will Bring About Cheaper Payments
Overhyping and Influencers: Sir Clown Sniper emphasizes the detrimental effects of excessive hype and unrealistic projections by some XRP influencers.
These exaggerated claims, he contends, have caused more harm than good to the XRP community. He also calls out the “shillers” in the ecosystem and states that XRP needs more builders. This is similar to a sentiment once shared by a veteran analyst that XRP needs more than narratives to grow.
R3’s Use of XRP: Sir Clown Sniper’s point that R3 does not use XRP or the XRPL was refuted by Schwartz. He clarified that while financial services firm R3 expressed interest in using XRP for its Corda Settler in 2018, this was merely a proof of concept (PoC). Corda currently utilizes XDC as its settlement mechanism.
Meanwhile, prominent crypto personalities recently criticized the XRP community for supporting the fake ETF filing. Coming off that event, the community has to stay vigilant and call out bad actors.
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