Ripple: Is XRP ‘The Most Useless’ Pump And Dump Scheme?

Lavina Daryanani
Source: CryptoSlate

Blockchain payments company Ripple and its XRP token have time and again managed to garner engagement from critics from the space. Craig Wright recently took to Twitter to opine that XRP is “the most useless pump and dump scheme” in the entire crypto industry.

The self-proclaimed Bitcoin creator went on to assert that people like David Schwartz like to “exceed” their “very very limited” area of expertise. He went on to also claim that the Ripple executive was “lying” when talking about XRP being used as a cross-border bridge between systems. Wright added,

“…you fail to mention how the platform isn’t really deployed anywhere but is rather in paid trials.”

Also Read: Bitcoin, Ethereum, XRP, Cardano: Which Crypto Ranks No.1 in 2022?

The tiff did not end there. Wright asserted that all the trials have been “failing” because of being kicked out by partners for “negligence” and “misrepresentation.” After blaming Schwartz for being “dishonest” on his part, he blamed him for committing financial fraud. He tweeted,

“Further, you are going to market promoting a financial product and you are misrepresenting its capabilities. That in fact as a form of financial fraud. When you have your many failures you need to tell the market if you want to be honest.”

Furthermore, Wright outrightly asked the Ripple executive how many companies had already rejected it.

The self-proclaimed Bitcoin creator went on to also state that he was not essentially defaming XRP or Ripple. He asserted that it’s called “truth” and stressed that he’d be sued if it was otherwise. Reverting back to the same, Schwartz said that he was not the kind of “despicable coward” who would sue someone, who “couldn’t raise a defense of truth.”

The Adoption Tale

The adoption of Ripple, its underlying technology, and its native token XPR has been going on at a swift pace. Towards the end of last week, a noteworthy milestone was achieved within the ecosystem. Data from XRP Ledger Service revealed that the number of account holders on the platform surpassed the 4.5 million mark, pointing toward the entry of new participants.

Even on the on-chain front, this network has been putting up a good show. At press time, it was the third most active network. In fact, it fostered transactions worth $336 million on its blockchain over the past day.

Source: Messari

Additionally, Ripple noted a ‘record’ ODL growth in 2022. In fact, it expects furthermore expansion going forward. Ripple’s ODL payout markets currently span across Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, and the UK. Over the past few months, the blockchain payment company got into a host of partnerships with companies based around the world.

In an attempt to boost its ODL business and Europe presence, the network joined two major platforms, Lemonway and Xbaht, in France and Sweden in October. Before that, Ripple’s partner Tranglo announced its expansion into the Middle East. In August, the company also tied up with Travelex Bank to assist it in providing ODL services to Brazilians.

Read More: Ripple notes ‘record’ ODL growth in 2022: Further expansion expected

Well, if the project was indeed a pump-and-dump scheme, it wouldn’t have been able to garner organic adoption as highlighted above. Perhaps, Wright might not really be right this time.