The post XRP News: Trump’s Bitcoin Reserve Plan Sparks Ripple Debate appeared first on Coinpedia Fintech News
Ripple’s XRP, despite its recent breakthrough past the $3 mark, continues to face intense scrutiny. The SEC sword is still hanging over XRP as they recently filled their brief despite the market predictions of Trump dismissing unfair crypto trials.
Trump’s priority on creating US Bitcoin strategic reserve is getting the attention while other major issues like crypto policies and setting fair trials is taking a backseat. This is the reason many in the crypto industry still feel negative about XRP and feel it is overhyped.
Bitcoin maximalist Samson Mow has reignited criticism, questioning Ripple’s legitimacy and XRP’s place in a potential U.S. strategic crypto reserve.
Mow’s Harsh Perspective on Ripple and XRP
Samson Mow, CEO of JAN3 and a staunch Bitcoin advocate, has been vocal in his disdain for major altcoins, including XRP. In a recent tweet, Mow declared that the criticism Ripple and XRP receive is insufficient, claiming, “You still don’t hate them enough, and there are still way more reasons why you should hate them.”
Mow’s critique stems from his belief that XRP lacks intrinsic value, accusing Ripple’s founders of creating 100 billion tokens “out of thin air.” He argued that adding XRP to a U.S. crypto reserve would equate to gifting taxpayer money to corporations that manipulate token supply.
Debating XRP’s Role in a U.S. Crypto Reserve
The debate about including altcoins in a potential U.S. strategic crypto reserve has gained traction, with Mow firmly opposing the idea. He insists that Bitcoin should be the sole asset in such a reserve, emphasizing its decentralized nature and scarcity.
Mow’s rhetoric aligns with Elon Musk’s focus on reducing wasteful spending. He criticized the idea of supporting tokens like XRP, which he believes undermine the principles of sound monetary policy.
Not Everyone is Anti!
Interestingly, while Mow lashes XRP, Charles Hoskinson, the founder of Cardano, recently collaborated with Ripple to launch the RLUSD stablecoin on Cardano. Hoskinson, however, echoed Mow’s stance on Bitcoin being the only asset fit for a U.S. crypto reserve, refraining from directly criticizing Ripple. Moreover Trump did a closed door meeting with Ripple to showcase some positive steps towards XRP which is waiting for its breakout.
Ripple’s Shaky Ground
Even after a partial win, XRP jumping to $3 Ripple’s journey is quite challenging, from ongoing SEC scrutiny to vocal critics like Mow. While XRP’s recent price surge signals market optimism, investors are worried if XRP legal battle will drag further.
Also XRP is primarily a cross- border payment solution for many financial institutes which is the real factor behind its low adoption. Many new investors will look for tokens with no legal fire rather than XRP. All these problems can prove fateful for XRP under Trump’s leadership if not resolved soon.
