Ripple is celebrating its tenth anniversary and sees a rosy future ahead for itself and XRP. But does the self-assessment match the perspective of investors and realities of the crypto industry?
Ripple (XRP) treats itself to a flowery report on its tenth anniversary, celebrating past successes and conjuring up future ones. Short version: Ripple and XRP stand for experience, practicality and innovation in the crypto industry. From this base, Ripple will continue to expand its services in the interest of its customers while taking on new challenges, he said. The court case with the SEC, which has been smoldering for 15 months, is not even mentioned by Ripple in the text as a precaution, and it is also otherwise unpleasant that self-criticism is obviously forbidden at Ripple.
The first and most important objection: Ripple once again paints the picture that it has revolutionized cross-border money transfers and is finding customers worldwide. However, Ripple plays no role in the European region for customers such as banks or financial service providers, and likewise in North America. And here it is even only about Ripple technology, not even about XRP, the altcoin actually designed as a bridge currency. In reality, Ripple has gained some foothold mainly in South America, Asia and the Middle East, where it gathers its institutional customers. Of those, in turn, only a few use XRP. In the wealthy West, however, Ripple has largely bounced off the traditional financial world in ten years.
Oddly, Ripple is also silent in its festschrift about how strategic decisions are diluting its profile. Are NFTs now to become the big thing at Ripple, as sometimes announced. Or will government-backed digital currencies CBDCs be Ripple’s core product in the future? And what actually happens to all the big plans that were supposed to bring XRP into the DeFi growth space? For those who continuously observe Ripple and XRP had noticed officially announced strategy changes and therefore had modest hopes.
To put it bluntly, Ripple is not doing itself any favors with the current review of ten years. After all, XRP has an impressive market capitalization of 40 billion U.S. dollars, its application possibilities are very limited, and its own innovative ideas for the future remain in short supply.
Conclusion: Ripple looks increasingly antiquated after ten years
In our annual reviews of XRP and Ripple from 2020 and 2021, steps of the last few years forward and backward are documented in compressed form. XRP had to experience how Ethereum (ETH) cemented its position as the second most important cryptocurrency behind Bitcoin (BTC). In popularity and importance, comparatively young cryptocurrencies such as Binance Coin (BNB), Solana (SOL) and increasingly even Cardano (ADA) and Terra (LUNA) were able to take market share from Ripple. To smugly exalt oneself as a pioneer in this situation, as Ripple is doing right now, seems a bit like grandfathers seeing their teenage years as the measure of all things.
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