Experts State Major Reason Behind XRP Failures

A recent discussion on X surrounding ordinal inscriptions, a feature not supported by the XRP Ledger (XRPL), has highlighted the potential impact of misinformation on the XRP’s growth.

Richard Holland, the Chief Technology Officer (CTO) at XRPL Labs, the company behind the widely used XRPL-based wallet Xumm, recently shared a disclaimer that XRPL cannot support ordinals or their inscriptions.

XRPL’s Challenges

Although this was shared by prominent XRP proponent Crypto Eri (@sentosumosaba), one user had a different opinion. He shared his belief that XRPL has failed horribly. He wrote, “unbelievable XRPL has been around since 2014 and is so far behind other blockchains.”

He suggested that the feature’s absence puts XRPL at a disadvantage compared to other blockchain platforms. Richard Holland challenged this notion, inviting the critic to propose improvements inspired by existing features available elsewhere.

The critic’s suggestions included cloud service functionality, smart contract integration, and a single digital ID for dApps, among others.

However, another community member posed a critical question. He asked why XRPL seems to lack a thriving developer community despite its technological capabilities. This prompted XRPL Labs founder Wietse Wind to address the potential role of misinformation in hindering adoption.

Why is XRP Failing? Unraveling the Misinformation

Wietse Wind identified several misconceptions surrounding XRPL that could be contributing to its lack of widespread adoption. He clarified that XRPL is, in fact, a decentralized network, contrary to popular belief.

XRP and XRPL being centralized has been a hot topic in the crypto community for a long time, and Ripple CTO David Schwartz recently spoke against those questioning XRPL’s decentralization.

Additionally, Wind emphasized the long-standing existence of token issuing and decentralized exchange (DEX) functionalities on XRPL, dispelling misconceptions about their absence.

Further, he downplayed the immediate relevance of the SEC lawsuit to the broader XRPL ecosystem and highlighted the recent availability of smart contract technology on the platform.

Ultimately, Wind pinpointed the core challenge as a widespread lack of understanding about XRPL’s capabilities and potential.

He stated, “I’ve talked to soooo many misinformed people in my 5, 6 years of XRPL, it’s absurd. Most have no idea what the XRPL has to offer. So I guess the biggest problem is the controversy/misinformation/confusion about the origin, and lack of public knowledge about what the XRPL is and can do, and could do, for all these years.”

However, pro-crypto attorney Bill Morgan took things further, suggesting a targeted campaign against XRP. Another recent example of gross misinformation about XRP and XRPL came from a finance expert who called XRP a scam.

The XRP community must stay vigilant and fight against those trying to bring down their beloved cryptocurrency through misinformation.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.