Eight years since its launch, XRP has not yet reached its adoption terms.
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 was no different, as the cryptocurrency, with a focus on payment, went through an equally difficult period.
CTO David Schwartz recently accessed social media to engage the Ripple community about the worrying XRP adoption rate.
Unlike other cryptocurrencies, the XRP token was designed to be a solution to the challenges in international payment transfers. Although the company tried to achieve this goal, it failed to reach a significant milestone due to poor adoption.
Schwartz highlighted several challenges faced by the XRP token when exchanging with other Ripple users. He stressed that the cryptocurrency faced a series of problems that prevented banks from adopting it to settle international transactions. This happened after a user by the identifier DatdurXRPfeller commented on the inaccurate projections made by Schwartz 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 banks to adopt digital assets on their own initiative”.
“I think there is a combination of obstacles. Regulatory uncertainty, last mile problems, fear of reprisals from existing partners, and so on. Another great thing is that the best customers are those who will use bridge assets to build new products. They are strongly motivated to see the projects completed and will bring the benefits to the customers. But in this case […] still have 0 customers because the product is new. So it takes time to gain momentum”, He added.
The cryptocurrency has generally performed poorly this year, with only a few brief moments of positive action. It is currently 93.75% below its historical record and, even worse, PayPal has not included the cryptocurrency in its list of supported cryptocurrencies. In addition, Ripple is in Australian courts because of an intellectual property lawsuit involving the ‘PayID’ payment pattern.