By Solomon Odunayo
A supporter of Ripple, the US-based blockchain tech, and long-term investor in XRP is presently trending after taking to Reddit to display his doubt and frustration in the prospect of the 3rd largest digital currency by market capitalization.
The most interesting moment for the digital currency and its investors was when it tested its all-time high in January 2018. Obviously, its price growth has been lethargic ever since. And this has been prompting the loss of confidence from its long-term and diehard supporters.
Long-Term Investor Losing Confidence in the Prospect of XRP
The XRP investor shared a post in the r/Ripple subreddit titled, “Long-term hodler losing confidence”. The context of the post attracted many Redditors, which aided the post to outshine others in the popular subreddit.
In the post, the investor questioned the level of XRP adoption among the over 300 banks and financial institutions and the impact which Ripple’s On-Demand Liquidity (ODL) has on the price growth of the digital currency.
He furthered by mentioning the comment credited to the Ripple’s executives, including the company’s CEO Brad Garlinhouse, regarding the use of XRP by the big banks across the world. He said these are promises that still remain unfulfilled.
The investor said he delved into XRP investment in 2017, and he’s not planning to sell his XRP holdings despite his frustration.
Read his full statement below:
“Let me start off by saying I am not trying to spread FUD. XRP was the first digital asset back in 2017 I ever bought and years of research only increased my confidence in the project as a potential dark horse to become a big player in the industry.
Solid use case, partnerships, and the strong management team were amongst the pivotal reasons for me to invest.
However, things have been awfully quiet for perhaps over a year. Garlinghouse and Schwartz mentioned dozens of banks would be using XRP, Ripple would be working with major household names, but two years have passed and very little has been made public.
This raises the question if things are perhaps not going according to plan. xRapid was rebranded in ODL and Ripple seems to be focusing a lot on low-value remittance markets through their stake in MGI, as opposed to Garlinghouse claiming to have a product that would make cross border transfers for banks more efficient, taking away the need for dormant capital (nostra/vostro etc).
I don’t want to speculate on the reasons for Miguel Vias leaving, because they might be (personal) for all we know, but Ripple has gone very quiet. I don’t think it’s a good sign that the biggest announcements this year have been a lawsuit against Youtube and a podcast, in addition to the “leak” on BoA.
It goes without saying that retail investors are probably not in scope by Ripple anymore and that shows by the lack of engagement with the community, but also the exposure in MSM by Garlinghouse seems to have quiet down.
Perhaps the developments continue to happen behind the screens, but the so far the use case / ODL have not had any positive impact on price and XRP continues to move along with BTC.
The lack of announcements in the past year or so on partnerships, developments, etc. has affected my previously rock solid confidence in the use case of XRP. Perhaps adoption is not going according to plan, perhaps there are other reasons, but in absence of proper communication, it’s a guessing game. I am not planning to sell my stack, but I am strongly considering to sell long before I had initially planned.
Again, I am not trying to spread FUD, I am reevaluating whether my investment in XRP is still worthwhile or not.”
However, the frustrated investor received tons of positive responses from other XRP community members, who gave him reasons to believe in the prospect of the digital currency once again.