Ripple Clash: Scott Melker Questions XRP’s True Purpose
A simple question from a well-known crypto commentator has sparked a heated debate online about the fundamental purpose of the XRP token.
Scott Melker, who goes by “The Wolf Of All Streets” on X, took to the social platform to ask about the current use case for XRP, distinguishing it from its associated company, Ripple.
The question drew hundreds of responses, revealing a deep divide between the token’s technical promise and its real-world adoption.
The Core of the Disagreement
Melker’s initial post, which he made sure to point out was not an attempt at trolling, questioned XRP’s role in a world where major financial firms like Western Union and SWIFT are choosing other blockchains for payments. “Stablecoins have clearly taken the reins for payments,” he noted, asking what specific utility XRP now holds.
Reaction from parts of the XRP community was quick and, at times, defensive. Some accused the podcast host of ignorance, while others suggested he was not conducting proper research.
This prompted a pointed observation from Melker:
However, some offered more detailed explanations, describing XRP as the foundational asset for the XRP Ledger (XRPL). One of the cryptocurrency’s advocates, ‘Mickle,’ argued that its value is intrinsic to the network’s operation, calling it a “neutral bridge currency” for settling payments between different financial systems, like central bank digital currencies (CBDCs) and banks.
Another user added that while stablecoins represent value, “XRP represents mobility,” acting as an impartial intermediary that doesn’t rely on a specific issuer like a bank.
However, Melker repeatedly pressed for evidence of this technology being used widely today. “Is anyone using it right now? Or is it theoretical?” he asked. And when challenged to do his own research, the author of “The Wolf Den Newsletter” responded, “Nobody can answer what is happening. They all just tell me what will.”
A Technical Explanation and an Honest Admission
Amid the noise, an explanation from Onami Press co-founder Santiago Velez stood out for Melker, with the “Crypto Town Hall” convener calling it “far and away the best response” he had received.
Velez pointed out that one of the core functions of XRP is to have value for spam prevention on the XRP Ledger. He also detailed the “rippling” process, a method for exchanging currencies where XRP acts as a unique, independent bridge.
Because the token is not an IOU like a stablecoin, it carries market volatility risk but not the counterparty risk of an asset issued by a company like Circle or Tether. This neutrality, Velez argued, is crucial for moving value between systems that cannot trust each other directly.
After considering this, Melker acknowledged the XRP Ledger’s “elegant” design but expressed doubt about its connection to long-term token value. “The bridge clearly works – I’m just not sure the toll booth ever collects,” he concluded, questioning if the technology translates into sustained demand for XRP itself.
In another revealing moment, Mickle conceded a common investment motive, stating, “I mean, this is fair. But at the end of the day, I’m here to make money.”
This community sentiment matches optimistic price predictions circulating in the market. Some analysts believe XRP could still climb above $5 in the current market cycle, based on historical patterns, despite recent price drops and some warning signs. And for many of its holders, the belief in this future price appreciation appears to be as powerful as any current utility.
The post Ripple Clash: Scott Melker Questions XRP’s True Purpose appeared first on CryptoPotato.
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