Ripple CEO says XRP can’t fulfil all needs, so there is space for Bitcoin & other tokens

On Oct 21, 2023

Brad Garlinghouse shared his opinion on the XRP’s dominance in the crypto sector and noted that XRP is better but can’t be used for every purpose.

XRP is a native coin of the XRP Ledger (XRPL), Proof-of-Stake (PoS) crypto network. Behind XRPL development, Ripple Labs is responsible. People believe Ripple controls XRPL but Ripple only uses XRP coin in payment services & pushes development activities in the XRPL ecosystem. In short other crypto or non-crypto companies are free to use XRP coin in any type of payment or other financial activities & they don’t need to take any permission from Ripple firm.

Recently in an episode of the podcast “Metaco Talks”, Ripple CEO Brad Garlinghouse talked about the Ripple & XRP relationship and said that Ripple doesn’t control the XRPL network but still Ripple firm is interested in the success of the XRP coin in the finance world.

Garlinghouse confirmed that Ripple is not fully focussed on XRP coin because XRP is not efficient for every kind of use, so there is importance for other cryptocurrencies like Bitcoin, and Ethereum, as different crypto tokens have different use cases.

BRAD GARLINGHOUSE ➡️ USE CASES ➡️ @METACO TALKS 10/18/2023

➡️ "XRP is extremely efficient for many use cases – not all use cases. We are definitely not maximalists!"
➡️ "Ripple at its core is an enterprise infrastructure company focused on Blockchain."
➡️ "We started with a use… https://t.co/hfN9hJ3N0k pic.twitter.com/654MTHkxsO
— XRP DROPZ (@DROPZXRP) October 20, 2023

The latest statement by the Ripple CEO is giving a type of hint that Ripple is going to expand its services focussed to other cryptocurrencies but here it will be only a part of speculation because no one knows that Ripple will take what step in the future.

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Here is one thing we can conclude from Ripple CEO’s statement: Bitcoin is the best store of value & XRP can’t fulfil that need, while XRP is better to use in the payment options.

Ripple vs SEC

Ripple had been under huge legal hurdles since Dec 2020, as the United States Securities and Exchange Commission (SEC) sued this firm for the sale of $1.3 billion worth of XRP tokens which was a violation of the Securities Act.

SEC charges Ripple and two executives with conducting $1.3 billion unregistered securities offering https://t.co/3VP23RpSyV
— U.S. Securities and Exchange Commission (@SECGov) December 22, 2020

But in the latest, the US SEC dismissed all the charges from the Ripple executives and a court judge ruled that XRP was not a security token.