Eight years since its launch, the XRP has not yet reached its terms of adoption.
2022 will mark a decade since the launch of Ripple. However, looking back, so far it has been a difficult journey for the blockchain company and its native currency – XRP. This year has been no different, as cryptomime, focused on payment, has gone through an equally difficult period.
CTO David Schwartz recently accessed social media to engage the Ripple community about the worrying adoption rate of XRP.
Unlike other cryptomoeda, the XRP token is designed to be a solution to the challenges in international payment transfers. Although the company has attempted to achieve this goal, it has failed to reach a significant milestone due to weak adoption.
Schwartz highlighted several challenges faced by the XRP token during the exchange with other Ripple users. He noted that cryptomoeda faced a number of problems that prevented banks from adopting it to settle international transactions. This happened after one user for the DatdurXRPfeller identifier commented on Schwartz’s inaccurate projections in 2017.
Responding to this, Schwartz posted, „Just to clarify that, I didn’t say anything monumental in that tweet. I was just saying that we were going to wait for the banks to adopt digital assets on their own initiative.
„I think there’s a combination of obstacles. Regulatory uncertainty, last mile problems, fear of reprisals from existing partners, and so on. Another big thing is that the best customers are those who will use bridge assets to build new products. They are strongly motivated to see projects completed and will bring the benefits to customers. But in this case […] they still have 0 customers because the product is new. So it takes time to gain momentum,“ he added.
Cryptomoeda had a generally poor execution this year, with only a few brief moments of positive action. It is currently 93.75% below its historical record, and worse yet, PayPal has not included cryptomoeda in its list of supported cryptomorphs. In addition, Ripple is in Australian courts over an intellectual property case involving the ‚PayID‘ payment standard.