On Thursday, Ripple CEO Brad Garlinghouse at cryptocurrency media outlet Coindesk over its recent article, which portrayed the company's foray into the crowded stablecoin market as a desperate move.
Garlinghouse argues that the negative article is "embarrassing" for the industry. "Childish antics masquerading under what should be a credible brand that leads coverage of the crypto industry," Garlinghouse added in his post on the X social media network.
In the article, Daniel Kuhn, a deputy managing editor for Consensus Magazine, writes that Ripple declared the "death" of the controversial XRP token with its recent stablecoin announcement.
Kuhn has suggested that the embattled company might be desperate for a new revenue source. As reported by InkByte, the U.S. Securities and Exchange Commission has requested that Ripple pay more than $2 billion in fines and penalties, arguing that such a massive fine would serve as a deterrent to the broader industry.
The article has also mentioned that Ripple's On-Demand Liquidity solution has failed to gain significant traction with "legitimate" financial institutions that might be wary of XRP's volatility. It adds that the company's partnerships with Santander and MoneyGram ultimately failed. Moreover, there is no data that shows how often RippleNet customers actually use XRP for cross-border liquidity.
The XRP Army fights back
Naturally, the proponents of the XRP community were up in arms over the article, which portrayed Ripple as a struggling company. They were quick to point out that major institutions like American Express are still among Rippe's financial partners.
Moreover, XRP remains one of the top cryptocurrencies by market capitalization. Even though it now accounts only for a small portion of Ethereum's value, it would still be a stretch to argue that the Ripple-affiliated cryptocurrency is fading into irrelevance.
"Ripple’s still pushing forward, finding new paths and opportunities. It’s not about whether they’re stumbling; it’s about how they keep moving ahead," said Artur Kirjakulov, co-founder of XPMarket.com on the X social media.
InkByte Editorial Team
Dan Burgin
