After the Financial Times published an article about Ripple and after this article was shared on Twitter by New York Times journalist Nathaniel Popper, a controversy started with the project’s CEO, Brad Garlinghouse.
The purpose of this intervention is to deny that Ripple had not kept his promises, as claimed by the NYT reporter.
I'm old enough to remember when the CEO of Ripple promised that banks were planning to use its crypto token XRP in the near future.
Now they have acknowledged that hasn't happened — even Ripple's biggest bank investor recently chose not to use it. https://t.co/1iWeIs8uTn
— Nathaniel Popper (@nathanielpopper) August 13, 2020
For example, a major bank that had initially invested in Ripple decided to stop using its system, a clear sign of Ripple’s failure. It should be remembered that Brad Garlinghouse said that banks are enthusiastic about using the xRapid system.
Over the last few months I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way. This is a sampling of what I heard: pic.twitter.com/y3TN8YRC34
— Brad Garlinghouse (@bgarlinghouse) January 5, 2018
Of course, it’s just one bank, but it’s still an indication that perhaps not all banks appreciate the work of the Ripple team.
Anyway, the controversy did not end there and many users who had invested in Ripple precisely as a result of the CEO’s words and the future prospect of a large-scale integrated system, complained about the collapse in the price of XRP.
This tweet, for example, is very eloquent:
My friend and I are 25 years old now. He bought LINK at less than $.30 cents and I went the opposite way I bought XRP. We both invested the same amount in 2017. He’s retired now . I’m not going to lie I’m a bit jealous.
— Rick_Flare XRP (@CryptJerry) August 13, 2020
The price of XRP struggles to grow
Garlinghouse’s words captured by the Financial Times reporter were spoken on January 5th, 2018, when only the day before XRP recorded its all-time high of $3.84. Many believed that the price would rise shortly thereafter.
Nothing more false since just a few days later the price continued to fall until it reached the figure of $0.29: a loss of 92.4% which obviously translates into lost money, especially for all those who had invested in the heyday.
Garlinghouse has thus responded to these accusations citing all the progress made in the last 3 years and the volumes of transactions that have been made – over 2 billion – moving more than $7 billion (basically about $3.5 dollars per transaction).
While these figures are objective, it cannot be said that they are encouraging data for XRP investors.
By the way, recently a study conducted by Messari explained that if Ripple keeps the inflation rate of XRP high, its price will not rise.
