u.today
On Thursday, Ripple CEO Brad Garlinghouse took aim 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 U.Today, 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 wrote on the X social media.