Story Highlights
- Ripple CTO corrected allegations concerning the XRP Ledger’s DEX trading volume.
- Aylo, a researcher, described XRP as the worst financial scam ever.
- The cryptocurrency community is still debating the utility and value of XRP.
The crypto space witnessed new controversy as Aylo, an Alpha Please researcher, referred to XRP as the largest financial fraud in history. His announcement resulted in emotional comments from the cryptocurrency community, among them, Ripple’s Chief Technology Officer David Schwartz.
Aylo cited the so-called XRP Ledger’s 24-hour DEX trade volume of $55,289 as reported by DefiLlama, insisting that no other coin with a $140 billion market cap has managed to yield such little value. The entry soon gained thumbs-ups and knocks.
XRP Faces Criticism Over Utility and Market Value
Ripple CTO David Schwartz replied, explaining that the number only represented Automated Market Makers (AMMs) on XRPL, a minority of the real XRP trading. He stated that XRP’s real utility extends far beyond what DefiLlama’s data covers.
Backing Ripple, dUNL validator Vet weighed in, pointing to XRP as one of the biggest market opportunities in crypto. He explained the 24-hour DEX volume metric, stating that the actual number was closer to $9 million than $55,289.
Even with this defense, the majority of commenters agreed with Aylo’s skepticism and doubted XRP’s actual worth and legitimacy of its token supply. Others confused reported DEX volume with XRP’s total 24-hour trading volume, adding to the ongoing controversy.
XRP has historically been questioned about its fundamentals versus other prominent cryptocurrencies such as Ethereum and Solana. The project’s court case with the SEC finally ended during Trump’s regime, but the utility and adoption of XRP remain a subject of doubt. With time, the actual contribution and worth of XRP will be revealed as the market changes.
Presently, XRP is trading at $2.40 with a market capitalization of $140.08 billion, ranking fourth among all the cryptocurrencies. It is still volatile following overall market corrections. Experts, though, point out that XRP can experience spectacular rallies in case the sentiment improves in its favor.
And in the midst of the uncertainty that lingers, XRP’s place in the new crypto world is solidly at the head of the lists of both detractors and supporters. The controversy is a testament to the challenges and complexities of trying to figure out the true worth of virtual currency in an ever-changing economic environment.
