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Ripple CEO Brad Garlinghouse has dispelled doubts concerning the company’s dedication to XRP, the seventh-largest cryptocurrency by market capitalization.
Garlinghouse reaffirmed confidence in Ripple’s alignment with and support for XRP, emphasizing that the company is steadfast in its commitment to the coin.
The Ripple CEO made this known during a fireside chat at the just concluded XRP Las Vegas 2024 event. Recall that the XRP Las Vegas event was held on May 3 – 4, featuring lectures on different crypto-related topics, including Web 3.0 and TradeFi/DeFi. The event also included fireside chats with Garlinghouse and other prominent crypto stakeholders.
🚨HUGE! RIPPLE CEO CONFIRMS “ 100% COMMITMENT TO $XRP ” 🚨📈
“Anyone Who Thinks @Ripple Is Not 100% Behind $XRP Is Just Missing. They’ve Lost The Plot !” – @bgarlinghouse
Do You Agree Ripple is Behind #XRP 100% or Are You Concerned About The Launch of A “Ripple Stablecoin” On… pic.twitter.com/JsPnZpmx9M
— Good Morning Crypto (@AbsGMCrypto) May 6, 2024
During the chat, Garlinghouse emphatically stated that anyone doubting Ripple’s commitment to XRP is mistaken.
Why Investors Think Ripple is Pivoting Away From XRP
It bears mentioning that several factors have emerged over the past few months that have stirred 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. Several market watchers speculated that the stablecoin, which will debut on the XRP Ledger and Ethereum, will allow U.S.-based clients to initiate cross-border settlements via the On-Demand Liquidity solution (now Ripple Payments).
Although Ripple has not publicly confirmed this speculation, analysts noted that the stablecoin will enable the company to navigate the regulatory landscape in the United States, where it is currently embroiled in a lawsuit against the SEC.
Nonetheless, critics believe that Ripple plans to choose the stablecoin over XRP as the preferred asset for international payments.
XRP Exclusion From Ripple’s Liquidity Hub
Another factor that stirred doubts about the company’s dedication to XRP was the asset’s exclusion from Ripple’s Liquidity Hub. The hub provides liquidity for businesses to buy, sell, and hold digital assets.
Before its launch, Ripple said the platform would support XRP and other top crypto assets, including Bitcoin and Ethereum. However, the company excluded XRP from the list of supported assets, citing regulatory concerns in the United States.
With several critics speculating that Ripple is pivoting away from XRP, Garlinghouse’s comment is a testament that this is untrue. Ripple’s upcoming stablecoin and XRP’s exclusion from the Liquidity Hub product is part of the company’s efforts to navigate the United States regulatory landscape.