Ripple CEO Brad Garlinghouse has addressed speculations surrounding the company’s commitment to the XRP project, stating that they have not abandoned it. This aligns with a statement made by a pro-XRP lawyer in 2023, emphasizing that it would be impractical for Ripple to abandon XRP.
There have been doubts within the crypto community regarding Ripple Labs’ dedication to secure and transform the XRP ecosystem, with some suspecting that the project has been abandoned. A thorough investigation by CNF reveals that these suspicions originated from a 2021 statement made by Ripple CEO Brad Garlinghouse during an interview with CNN. In the interview, Garlinghouse hinted that considering alternatives to XRP could be part of the company’s contingency plans in response to the US Securities and Exchange Commission’s lawsuit against Ripple for unregistered XRP sales.
The decision of Ripple to launch a stablecoin later this year has further fueled speculation. Some members of the XRP community believe that the blockchain company has prioritized stablecoin over XRP for international payments. According to an unconfirmed report, the stablecoin, which will debut on the XRP Ledger and Ethereum, will enable US-based clients to facilitate cross-border settlements through an On-Demand Liquidity solution (Ripple Payments).
Another reason for the speculation arises from the exclusion of XRP from Ripple’s Liquidity Hub. Despite initial plans to support XRP along with other assets like Bitcoin and Ethereum, Ripple cited regulatory concerns for omitting XRP from the list.
In response to these ongoing speculations, Brad Garlinghouse reaffirmed the company’s commitment to XRP during the XRP Las Vegas 2024 event. He stated that anyone who doubts the company’s support for XRP is simply missing the point.
Interestingly, this aligns with a statement made by Pro-XRP lawyer John Deaton in 2023, where he claimed that Ripple remains committed and will not abandon the project. Deaton supported his statement by highlighting the project’s valuation history and the significant amount of XRP owned by the company, emphasizing the impracticality of abandoning XRP.
As of now, XRP is trading at $0.52, experiencing a 2.6% decline in the last 24 hours and a 13% decline in the last 30 days.