Digital trading platform Uphold has angered members of the XRP community by questioning the viability of a strategic reserve with the controversial Ripple-affiliated cryptocurrency.
Uphold attached a segment from a recent appearance of Innovating Capital founder and general partner Anthony Georgiades on Yahoo! Finance, in which the analyst says that he sees a lot of "fundamental flaws" in XRP.
Moreover, he has suggested that a strategic reserve backed by XRP might be the demise of the network.
"It really goes back to the fundamental behavior of how Ripple itself operates," he said.
The analyst has added that the token has been scrutinized for being controlled and manipulated by Ripple Labs. "Ripple Labs maintains a lot of influence over XRP," he added.
The centralized aspect of Ripple is the main reason why the government would not even consider it to be a key candidate for a reserve, according to Georgiades.
Alex DovbnyaAfter Uphold spotlighted the interview, it was inundated with hundreds of angry comments. "What a weird and wrong kind of post for Uphold. Is this a new PR Firm that doesn't understand the space?" XRP-focused YouTuber Crypto Eri said. "This is FUD," another user commented.
Uphold has faced the backlash despite resisting the regulatory pressure to delist the XRP token in early 2021 after Ripple got sued by the SEC.
Drawing ire of Bitcoiners
As reported by U.Today, Ripple has drawn the ire of the Bitcoin community after allegedly lobbying against a BTC reserve.
Ripple CEO Brad Garlinghouse has publicly stated that he was in reserve of a multi-token reserve that would include XRP.
The odds of the U.S. creating a Bitcoin reserve in 2025 currently stand at 43%.
Dan Burgin
Vladislav Sopov