Ripple CEO Brad Garlinghouse has dismissed any doubts about the company’s commitment to XRP, the seventh-largest cryptocurrency in terms of market capitalization.
Garlinghouse reiterated Ripple’s confidence in and support for XRP, emphasizing that the company remains steadfast in its dedication to the coin.
This affirmation was made by Garlinghouse during a fireside chat at the recently concluded XRP Las Vegas 2024 event. The event, held on May 3 – 4, featured lectures on various crypto-related topics including Web 3.0 and TradeFi/DeFi. It also included fireside chats with Garlinghouse and other influential figures in the crypto industry.
During the chat, Garlinghouse made it clear that anyone doubting Ripple’s commitment to XRP is mistaken.
Reasons for Investor Concerns
In recent months, several factors have raised doubts among investors regarding Ripple’s commitment to XRP.
Ripple’s Stablecoin
One of these factors is the company’s plan to launch a stablecoin later this year. Market observers have speculated that this stablecoin, which will be introduced on the XRP Ledger and Ethereum, will enable U.S.-based clients to carry out cross-border settlements using the On-Demand Liquidity solution (now known as Ripple Payments).
While Ripple has not publicly confirmed these speculations, analysts have noted that the stablecoin will help the company navigate the regulatory landscape in the United States, where it is currently involved in a lawsuit against the SEC.
Critics, however, believe that Ripple intends to prioritize the stablecoin over XRP as the preferred asset for international payments.
XRP Exclusion from Ripple’s Liquidity Hub
Another factor that has raised doubts about Ripple’s commitment to XRP is the asset’s exclusion from Ripple’s Liquidity Hub. This hub provides liquidity for businesses to buy, sell, and hold digital assets.
Prior to its launch, Ripple had stated that the platform would support XRP and other top crypto assets like Bitcoin and Ethereum. However, XRP was ultimately excluded from the list of supported assets due to regulatory concerns in the United States.
Despite these criticisms and speculations about Ripple shifting away from XRP, Garlinghouse’s statement serves as proof that this is not the case. Ripple’s upcoming stablecoin and the exclusion of XRP from the Liquidity Hub are part of the company’s efforts to navigate the regulatory landscape in the United States.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.