A fresh clash between XRP critics and defenders broke out on X after Chainlink Community Liaison Zach Rynes (@ChainLinkGod) argued that the XRP investment thesis has failed to keep pace with how crypto markets and financial infrastructure have evolved. His central claim was blunt: the XRP Ledger is now a “ghost chain,” while the use case once pitched for XRP as a bridge asset has largely been overtaken by stablecoins and broader interoperability infrastructure.
He argued that XRP supporters prefer to describe this not as a bid for reserve-currency status, but as a narrower “bridge currency” role. In his view, that distinction does not materially change the argument. He said the larger problem is that the market structure envisioned by early XRP advocates was built in other ways over the past decade.
That critique extended to XRP Ledger’s position in tokenization and on-chain finance. Rynes said XRPL “will become the dominant chain for tokenized real world assets” remains a popular belief among XRP holders despite what he described as weak adoption metrics. He called XRPL “a ghost chain with less than 1% RWA market share and under 0.01% of stablecoins,” arguing that this makes the idea of XRPL emerging as the primary settlement layer difficult to defend.
XRP Community Fires BackMorgan argued that Ripple had opted for a different structure through Evernorth, which he described as an independent vehicle designed to acquire XRP and offer institutions regulated exposure. He said that model was preferable to Ripple itself running a reserve that could draw regulatory scrutiny, especially given how the SEC previously pointed to Ripple’s efforts to support XRP’s price in litigation.
At press time, XRP traded at $1.4757.
