Ripple CEO Brad Garlinghouse recently expressed optimism about a partnership with Standard Custody, highlighting its potential to enhance existing products and explore new use cases for XRP.
However, this positive announcement was met with a critical response from MackAttackXRP (@MackAttackXRP), a prominent member of the XRP community, raising concerns about the price of the token and hoping Garlinghouse can address broader anxieties within the XRP ecosystem.
This is not enough Brad, sorry to say, but something needs to be done about the XRP price, it has already been structurally too low for the past 5 years. Many people around me are exchanging their XRP for other better performing coins that can do more than just XRP alone.
— 🇳🇱 MackAttackXRP® 🇳🇱 66K-XRP-Followers (@MackAttackXRP) February 13, 2024
Mack argued that Garlinghouse’s focus on regulatory compliance and partnerships expressed in his post, while important, is insufficient to address the core concern of many XRP holders: the stagnant price of the token.
He expressed that XRP’s performance has lagged behind other cryptocurrencies for the past five years, leading many individuals to abandon XRP in favor of seemingly more promising alternatives.
This sentiment reflects a wider unease within the XRP community. While Ripple has achieved significant progress in securing regulatory approvals and establishing partnerships with financial institutions, the value proposition of the digital asset for individual investors remains unclear.
XRP’s primary utility lies in facilitating cross-border payments. While RippleNet, the company’s enterprise blockchain solution, has seen some adoption, its impact on the price of XRP has yet to be fully realized. This lackluster performance has led to debates about XRP being dead within the community.
Furthermore, the broader cryptocurrency market has witnessed the emergence of numerous tokens offering diverse functionalities beyond simple payments. For example, DeFi (Decentralized Finance) projects provide innovative financial tools and services, and smart contract platforms support building decentralized blockchain applications. Most of these assets are currently outperforming XRP in terms of price appreciation.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
One user pointed out that Ripple acting to directly influence XRP’s price would turn the digital asset into a security, arguing that the community would then be dependent on Ripple’s efforts. It should be noted that this point remains the bone of contention between the blockchain payment firm and the US SEC in court.
Another prominent community member warned the community last year to not depend on Ripple to raise the price of XRP.
XRP functions as a medium of exchange on the XRP Ledger (XRPL), facilitating fast and cheap cross-border payments. This utility separates it from securities, whose primary function is to raise capital. However, Ripple is still in the middle of the XRP lawsuit with the SEC, and acting on this could further complicate things.
Recall that Mack once called on Ripple executives on this matter, but after getting no response, he went directly to the CEO to pour out his grievance about XRP’s underperformance.