Members of the Ripple Labs Inc community are losing patience with the company, as many perceive that its payments technology is not evolving in the best possible way.
Members of the Ripple Labs Inc community are losing patience with the company, as many perceive that its payments technology is not evolving in the best possible way.
Ripple and apparent community reaction
In one of his first publications of the year, the American payments firm reiterated its commitment to improving financial innovation and demonstrated how IT services companies can leverage its technology to advance.
In the post, Ripple Labs detailed three key ways IT companies can use its payment solutions. These include streamlining payments to suppliers, as merchants need a system that can operate 24 hours a day, regardless of time differences; Instant payment settlements that are done more economically and improving overall transparency.
While these solutions are mind-blowing, members of the XRP community noted that the company has been promoting the same conversation for over three years. While the debate within the community is two-sided, with some fully supporting Ripple’s innovations, the underlying motive for most complainers is XRP’s price action.
The price of XRP has been relatively low compared to other major altcoins like Solana (SOL) that offer similar value propositions. XRP price has achieved only 81.53% year-on-year (YoY) compared to over 808% for Solana.
Intricate Ripple and XRP connection
Unknown to many community members, Ripple Labs is not the issuer of XRP despite the coin’s tight-knit use for its Ripple Payments service, among other solutions.
Judge Analisa Torres partially acquitted the company of selling XRP as unregistered securities to retail investors. This landmark ruling, which came last July, marked the company’s first major sigh of relief since the U.S. Securities and Exchange Commission (SEC) sued it for selling unregistered securities in December 2020.
Ripple’s control over a large supply of XRP locked in escrow also makes it accountable to some members of the community over the coin’s price outlook.