Ripple Labs' Payment Innovation Questioned by Community
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Members of the Ripple Labs Inc community are losing patience with the company as many perceive its payment technology is not evolving in the best possible ways.
Ripple and seeming community backlash
In one of its earliest posts of the year, the American payments firm reiterated its commitment to enhancing financial innovation and demonstrated how IT service businesses can leverage its technology for advancement.
Alex DovbnyaIn the post, Ripple Labs detailed three key ways IT businesses can use its payment solutions. These include streamlining vendor payments, as merchants need a system that can function around the clock irrespective of time zone differences; instant payment settlements that are done more cheaply and improving transparency in general.
While these solutions are mind-blowing, XRP community members noted that the company has been peddling the same conversation for more than three years. While the debate within the community is dual-faced, with some fully in support of Ripple’s innovations, the underlying motive for most complainants is the XRP price action.
XRP’s price has been relatively poor when compared to other top altcoins like Solana (SOL) that offer similar value propositions. The XRP price has managed only 81.53% year-on-year (YoY) compared to the more than 808% from Solana.
Intricate Ripple and XRP connection
Unknown to many community members, Ripple Labs is not the issuer of XRP despite the close-knit utilization of the coin for its Ripple Payments service, among other solutions.
Yuri MolchanThe firm was partially absolved by Judge Analisa Torres of selling XRP as unregistered securities to retail investors. This landmark ruling, which came last July, marked the first big sigh of relief for the firm since the United States Securities and Exchange Commission (SEC) sued it for selling unregistered securities back in December 2020.
Ripple’s control of a large XRP supply locked in escrow also makes it accountable to some community members on the price outlook of the coin.
Alex Dovbnya
Arman Shirinyan
Dan Burgin