- Is anybody utilizing XRP?
- A protracted-time XRP skeptic
Wall Avenue veteran Fred Krueger has angered members of the XRP group by stating that “not one precise human being” is definitely utilizing the controversial Ripple-linked token.
The previous arbitrage dealer, who has labored for such companies as Salomon Brothers and Greenwich Capital, added that holding the token doesn’t qualify as an precise use case.
Is anybody utilizing XRP?
Krueger’s provocative social media submit prompted many members of the XRP group to share how they’re truly utilizing the token.
Matt Hamilton, former director of developer relations at Ripple, mentioned that XRP was used to “assist out” his pal within the U.Ok. “I actually simply despatched some XRP to assist out a pal. I’m within the UK, they’re within the US. It was the best, most cost-effective, and quickest method,” Hamilton mentioned on X.
Some have additionally famous that XRP is getting used for purchasing meme cash on the XRP Ledger (XRPL) in addition to non-fungible tokens (NFTs).
Krueger, nonetheless, is just not impressed by such use instances whereas additionally rejecting the concept it may be in comparison with Bitcoin since he believes that the latter truly has utility.
Whereas some have pointed to XRPL’s exercise as proof of the token’s utility, a examine that dates again to 2020 discovered {that a} whopping 96% of transactions on the community truly had no financial worth.
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XRP’s adoption by banks stays extraordinarily scarce and reasonably anecdotal, however the token is certainly getting used as a bridge asset in Ripple’s flagship on-demand liquidity (ODL) resolution.
A protracted-time XRP skeptic
Krueger, who additionally holds a Ph.D. in Utilized Arithmetic from Stanford College, has been a long-time critic of XRP, which isn’t shocking contemplating that he’s a self-identifying “Bitcoin maximalist.”
Earlier this 12 months, he strongly criticized the thought of creating XRP a part of the US strategic reserve.
In January, he listed XRP alongside Cardano (ADA) and Chainlink (LINK) amongst “probably the most ridiculous” tokens.