- Uphold angered the XRP community by sharing criticism that questioned XRP’s viability as a strategic reserve, leading to significant backlash.
- Crypto analyst Anthony Georgiades pointed out XRP’s centralized nature, arguing that regulators would not consider it a viable reserve option.
- Ripple has also faced criticism from Bitcoin advocates for allegedly lobbying against Bitcoin’s reserve status, adding to the ongoing debate.
Digital trading platform Uphold has come under fire from the XRP community after sharing a critical segment from an interview featuring Innovating Capital’s Anthony Georgiades. The analyst highlighted several issues with XRP’s viability as a strategic reserve, fueling strong reactions from supporters of the cryptocurrency.
XRP’s Strategic Reserve Questioned
Georgiades pointed out what he termed “fundamental flaws” in XRP. He expressed concerns that establishing a strategic reserve backed by XRP could ultimately harm the network. He emphasized Ripple Labs’ considerable influence over the token, arguing that its centralized nature makes it unlikely to be considered for reserve status by regulators.
Community Backlash Against Uphold
Uphold’s decision to amplify the remarks did not sit well with XRP supporters. Many members of the community accused the platform of spreading misleading information. Crypto influencer Crypto Eri criticized the move, questioning whether a new public relations team was behind the post. Other users labeled the content as “FUD,” arguing that it misrepresented XRP’s position in the market.
Despite the backlash, Uphold has previously demonstrated support for XRP. Unlike many exchanges that delisted the token following the SEC’s lawsuit against Ripple in 2021, Uphold continued to facilitate XRP trading. This history has made the recent controversy particularly surprising for the community.
Ripple has also drawn criticism from the Bitcoin community over its stance on a multi-token reserve. CEO Brad Garlinghouse has advocated for a reserve that includes various cryptocurrencies rather than solely relying on Bitcoin. Some Bitcoin advocates believe Ripple has actively lobbied against Bitcoin as a reserve asset, further intensifying the debate around XRP’s role in the financial ecosystem.
With XRP’s centralized nature remaining a point of contention, the debate over its viability as a strategic reserve continues. Market participants and regulatory bodies remain divided on the issue, making its future role uncertain. Meanwhile, discussions around the U.S. adopting a Bitcoin reserve persist, with analysts estimating a 43% probability of its realization this year.
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