Ripple has been the topic of discussion in the cryptocurrency industry lately for its innovation and the controversies surrounding the project. Most of the recent developments in the company have been positive, but a Twitter user simply known as ‘Andrew’ has raised an alarm that people are losing interest in Ripple’s token, XRP.
— Andrew⏳ (@AndrewTPCB) March 8, 2019
Although Andrew did not state the reason for the loss of interest, it may have to do with a few issues surrounding the Ripple project. There have been lingering issues such as the allegations that XRP is a security rather than a cryptocurrency which is currently in court, the issue of centralization saying Ripple controls over 60% of the XRP circulating supply as well as the alleged fake institutional clients the company claims to have.
Despite these allegations though, Ripple has done significantly well in terms of payments. It is arguably the most reliable blockchain cross-border payment services provider in the world. Its payment toolxRapid has seen mass adoption and more potential clients are working on adopting the technology.
Recently, eToro indicated interest in adopting the payment tool. This is still underway and the company may be sealing a deal with the Israeli exchange very soon. Euro Exim is one of the banks that have adopted the technology in the U.K apart from other traditional financial institutions around the world.
It is therefore unclear why Andrew would say people are losing interest in XRP, the token used to provide liquidity for xRapid that is being adopted massively. XRP and Ripple also still have a significantly high number of fans and supporters who would go to any length to defend the project. This issue, therefore, is open to debate and can be very much argued because, in response to Andrew’s post, a number of XRP fans already reacted, some saying they remain firm to the cryptocurrency.
What could be the possible reason for the loss of interest? Is It the fact that XRP price is not growing as expected or its payment services which are its best selling point is no longer good enough? What do you think?