Wall Street veteran Fred Krueger has ignited controversy by questioning the practical utility of XRP, asserting the token lacks significant real-world adoption beyond speculative holding. His criticism points to limited evidence of broad transactional use despite XRP’s market presence.
Krueger specifically cited a 2020 study revealing that 96% of transactions on the XRP Ledger carried no identifiable economic value. This finding fuels skepticism about whether typical users actively engage with the cryptocurrency for substantive purposes.
Counterarguments highlight niche applications, including cross-border payment solutions and peer-to-peer transfers validated by former Ripple developer Matt Hamilton. Within the XRP Ledger ecosystem, the token facilitates specialized transactions such as NFT purchases and meme coin acquisitions, though proponents acknowledge these activities don’t equate to mainstream utilization.
While Ripple’s On-Demand Liquidity (ODL) system employs XRP for international payment settlements, adoption within traditional banking infrastructure remains constrained. The ongoing dialogue reflects broader industry challenges in demonstrating cryptocurrency utility beyond investment vehicles.