- Wall Street veteran questions XRP’s real-world usage and utility claims.
- XRP community defends token with real examples of active use.
- Debate over XRP’s relevance intensifies after bold expert statement.
Fred Krueger, a seasoned Wall Street trader, has triggered a storm within the XRP community following bold claims that no real person is using the token. The ex-arbitrage guru, who once worked at Salomon Brothers and Greenwich Capital, has rubbished the usefulness of XRP and claimed that when users simply possess the token, it is not really being utilized.
Krueger believes that XRP has no real market use case, which instantly attracted the ire of users and developers within the Ripple system. He made his remarks on social media, plainly saying that none of the actual human beings are using XRP in an actual sense.
In response, members of the XRP community began sharing examples of how they interact with the token. Matt Hamilton, former Ripple director, claimed to have used XRP to transfer money in the UK to his friend in the United States. Eliminating the claims of Krueger, he presented a real-life situation, arguing that it was quick, cheap, and easy.
Also Read: Japan’s Crypto Exodus: It’s Not the Taxes—It’s the Broken Approval System
Community Pushback and Alternative Use Cases
Besides peer-to-peer transfers, some users highlighted how XRP is currently being used to purchase meme coins and NFTs on the XRP Ledger. The presence and activity around the token identified these applications, mainly in the crypto domain.
Although the community opposed this move, Krueger stood his ground and dismissed these instances as unimportant. He also opined that XRP could not be compared with Bitcoin, which, according to him, has a real use and universal applicability. To him, XRP is not applicable to the real world and is still speculative.
Critics also cited a past study conducted in 2020 that reported that the economic value of most XRP Ledger transactions was nonzero. This information has sustained the impression of XRP as an unsendable financial instrument.
Previously, Krueger, a long-time skeptic of Ripple and its token, ridiculed proposals to include XRP in the US strategic reserve. Back in January 2022, he listed the XRP, Cardano, and Chainlink markets as some of the most “idiotic” tokens circulating.
Krueger’s remarks have reignited debate over XRP’s relevance. The community defends its use against harsh criticism from financial industry veterans. The divide between supporters and skeptics remains sharp as the token struggles for broader acceptance.
Also Read: Japan’s Crypto Exodus: It’s Not the Taxes—It’s the Broken Approval System
