In a highly critical review, Forbes has labeled XRP and Ripple Labs as “good-for-nothing” and “zombie projects.” This harsh commentary comes as Ripple’s XRP shows signs of mild recovery, bouncing from its support level of $0.467 and rising to $0.492 at the time of writing. While the broader market is celebrating Bitcoin’s resurgence, Forbes’ critique casts doubt on the altcoin’s long-term durability.
Forbes provides an in-depth examination of Ripple’s history. In its report, it highlights its ambitious vision to transform the global financial system by enabling quick and low-cost money transfers for banks across the world. This vision has attracted prominent interest as well as investment. For instance, Ripple Labs issued 100 billion XRP tokens and raised $1.4 billion to aid its grand scheme. The report also notes the widespread belief that Ripple would eventually replace the SWIFT Network. It should be noted that SWIFT handles a staggering $5 trillion in daily interbank transfers.
However, Forbes argues that despite being in operation for over a decade, Ripple has failed to achieve its primary objective. The publication called out the firm for only conducting pilot crypto programs with a few central banks, including those in Georgia and the Republic of Palau. Therefore, Forbes calls Ripple a “crypto zombie” due to this perceived lack of progress.
Also Read: Robinhood May List Ripple’s XRP After Exchange Acquisition
High Value, But Criticized
Forbes also points out the contradiction of XRP’s market valuation amidst its perceived limitations. The altcoin has a market cap exceeding $36 billion, making it the sixth-largest cryptocurrency. However, Forbes believes that the asset’s market value is driven more by speculation than any real-world utility. The publication goes on to dismiss XRP as “good-for-nothing.”
Despite the severe critique, XRP remains a crucial part of the STOXX Digital Asset Blue Chip Index under European regulations, underscoring its continued importance in the market. Ripple’s partial price recovery and inclusion in significant financial indices suggest the ongoing debate over its future.
Also Read: Ripple (XRP) Hits Millionaire Address Record; Could it Signal a Turnaround?
Credit: Source link