XRP is proving that it remains one of the most resilient players in the crypto space despite years of criticism, lawsuits, and doubts. The token, which has often been branded a “ghost chain,” is now recording substantial on-chain activity. This movement comes as whales go silent on XRP during its consolidation phase.
XRP Defies ‘Ghost Chain’ Claims
Despite recent claims that the XRP Ledger (XRPL) is an inactive blockchain, data shows that the network has seen a surge in daily activity. Reports confirm that the network has averaged around 819 transactions in one day, with each transfer carrying a value exceeding $280,000. This increase in transactions comes as whale movements remain muted, with September showing no significant increase in transaction counts of over $100,000 and $1,000,000.
The rise in daily transactions comes against the backdrop of criticism from Tom Zschach, the Chief Innovation Officer at SWIFT, who recently labeled Ripple “a dead chain walking.” His judgement centers on the belief that banks require neutral governance structures and cannot depend on settlement systems controlled by a single company.
Zschach argued that XRP, despite surviving multiple legal challenges, cannot offer the neutrality or regulatory assurances required for global adoption. The SWIFT CIO further contended that XRP lacked the legal enforceability and trust needed for institutions to rely on it as a settlement asset. Additionally, he questioned why banks would opt to use XRP when tokenized deposits and regulated stablecoins could provide similar solutions without introducing external risks.
The harsh critique mirrors a narrative pushed by Forbes in April 2024, which categorized the XRP Ledger as a ghost chain and Ripple “a crypto zombie”. The report argued that the XRPL had failed to secure a meaningful global payments flow and was therefore far from replacing SWIFT in the cross-border payments market. However, the latest data showing hundreds of high-value daily transactions presents a counter-narrative that the XRP chain is active, functional, and still attracting users.
XRP’s Blockchain Vision Vs SWIFT’s Legacy
While XRP is proving its network is far from dead, the broader competition between Ripple and SWIFT remains one of the most defining debates in modern finance. According to a recent analysis shared by crypto expert CNN on X social media, the two entities represent contrasting visions of the global money movement.
SWIFT, with over five decades of dominance, connects more than 11,000 banks across 200 countries. It is a trusted backbone of international transfers, yet it is often criticized for being slow, expensive, and outdated. XRP, in contrast, provides near-instant, transparent, and affordable cross-border payments. However, it continues to struggle with regulatory clarity and global adoption.
What remains clear is that both networks have their shortcomings. Ripple must continue building institutional trust while navigating a complex regulatory landscape. Still, despite facing years of legal troubles with the US SEC, XRP remains focused on competing with SWIFT, aiming to capture a significant percentage of the platform’s cross-border transaction volume.
