In a recent analysis, a top cryptocurrency expert has shed light on why banks may be hesitant to adopt Ripple and its associated cryptocurrency, XRP. The analyst argues that XRP’s inability to compete with SWIFT, along with several other factors, may hinder its widespread adoption in the banking sector.
The analyst begins by highlighting Ripple’s recent decision to implement native smart contract capabilities, planned for 2025. He points out that this move seems to be following in the footsteps of Stellar, which has already implemented similar features.
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Show more +Show less – Criticism of XRP and Ripple
The expert emphasizes the importance of distinguishing between Ripple, the company, and XRP, the cryptocurrency. He argues that many supporters don’t fully understand this distinction, stating,
“You should be saying Ripple is better, not XRP is better, if you really knew what you’re talking about.”
One of the most significant points raised is the lack of visible on-chain activity for XRP. The analyst claims,
“Nowhere on-chain I can see that XRP ranks anywhere. I don’t see banks using XRP.”
While he acknowledges that banks might use some of Ripple’s technology, he expresses doubt about their adoption of XRP itself.
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Comparison with Stellar
The analyst draws numerous comparisons between Ripple and Stellar, consistently positioning Stellar (XLM) as the first mover in various areas:
Stablecoins: Stellar already has USDC integration.
MoneyGram partnership: Stellar secured this after MoneyGram allegedly declined to work with Ripple and XRP.
Real-world asset tokenization: Stellar ranks higher in this area compared to XRP.
Criticism of XRP Community Beliefs
The expert criticizes the XRP community for not thoroughly researching on-chain activities and relying too heavily on speculative articles about bank adoption. He states,
“People find articles and they’re like, ‘Oh, look at all the banks that XRP is going to be used,’ and they don’t understand the actual mechanisms.”
Stellar’s Superior Positioning
The analyst posits that Stellar’s founder, Jed McCaleb, who was also a co-founder of Ripple, has been “10 steps ahead” in his vision. He suggests that this foresight led to McCaleb’s departure from Ripple and the creation of Stellar.
The expert touches on the philosophical differences between Stellar and Ripple, with Stellar focusing more on public accessibility while Ripple targets banks. However, he argues that many banks are creating their own blockchain solutions, potentially rendering XRP unnecessary.
The analyst expresses a pessimistic view of XRP’s short-term prospects, stating, The reality is, XRP isn’t probably going to do anything this bull run. He suggests that significant adoption could be 5–10 years away if it happens at all.
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