Wall Street Criticizes XRP as "Useless" — Crypto Community Strikes Back with Real Evidence

Fred Krueger, a veteran trader on Wall Street, has sparked a wave of outrage in the XRP community after bold claims that no real people are using this token. The former arbitrage expert, who previously worked at Salomon Brothers and Greenwich Capital, has denied the usefulness of XRP and stated that when users only hold the token, it is not actually being used. Krueger believes that XRP has no real-world applications in the market, which immediately caused outrage from users and developers within the Ripple system. He made these statements on social media, bluntly saying that there are no real people using XRP in a practical sense.

In response, XRP community members began sharing examples of how they interact with this token. Matt Hamilton, former director of Ripple, claimed to have used XRP to send money in the UK to his friend in the United States. Refuting Krueger's claims, he presented a real-world scenario, arguing that it is fast, cheap, and easy.

Community Opposition and Alternative Use Cases In addition to peer-to-peer transfers, some users have highlighted how XRP is currently being used to purchase meme coins and NFTs on the XRP Ledger. The presence and activity surrounding this token have defined these applications, primarily in the cryptocurrency space. Although the community opposes this move, Krueger remains steadfast in his stance and believes that these cases are not significant. He also argues that XRP cannot be compared to Bitcoin, as he believes Bitcoin has real value and widespread applicability. For him, XRP cannot be applied to the real world and remains purely speculative. Critics also cited a previous study conducted in 2020, reporting that the economic value of most transactions on the XRP Ledger is different from 0. This information reinforced the impression that XRP is a financial instrument that cannot be sent. Previously, Krueger, a long-time skeptic of Ripple and its token, mocked the proposal to include XRP in the United States' strategic reserve fund. Back in January 2022, he listed the XRP, Cardano, and Chainlink markets as some of the "dumbest" tokens circulating. Krueger's statements have reignited the debate about the relevance of XRP. The community defends the use of XRP against harsh criticisms from veteran experts in the financial industry. The divide between supporters and skeptics remains deep as this token struggles for wider acceptance.