Yassin Mobarak, Ripple shareholder and founder of Dizer Capital has shared his displeasure over the stifled growth and development of the XRP token. Yassin indicated that Ripple sold XRP investors a dream, and they could suffer massive losses after holding the crypto for a long time.
Ripple Shareholder Casts Serious Doubt On XRP’s Future
Some developments in the XRP Ledger (XRPL) ecosystem, such as the recent exit of two key validators, have sparked debates in the XRP community. Chiming in on the discussions on the X platform, Yassin Mobarak criticized Ripple’s handling of its ecosystem and the deteriorated state of XRP.
Specifically, the Dizer Capital founder called out Ripple’s mishandling of incentive structures within the XRPL. He indicated that he no longer believes in the notion the “best incentive is no incentive”.
This comes as popular validator and XRPL contributor Alloy Networks announced that it would be leaving the XRP Ledger ecosystem and pulling its Ripple-related infrastructure from the ecosystem.
The Ripple shareholder also accused Ripple of ignoring the concept of programmable transfer of value before Ethereum (ETH) even existed. He also slammed the payment firm’s utilization of the XRP escrow account, claiming it lacks noteworthy benefits for the network. According to him, Ripple has been “milking the escrow account without any meaningful benefit.”
The XRP Dream vs. Reality
Yassin explained that his intention was not to undermine XRP’s core value, stressing his status as a Ripple shareholder. He remarked that he wishes for Ripple to succeed, however, not at the expense of the millions of retail XRP holders who have poured their money into the ecosystem over the years.
Responding to Yassin, an X user noted that despite the excitement encompassing Ripple and XRP, it is crucial to recognize that Ripple’s main objective is accruing profits. He suggested that Ripple’s goals are not noble and that the company will continue leveraging XRP and the XRP Ledger to revolutionize cross-border payments and make money.
When asked what has changed in recent weeks to make him do an about-face, Yassin said he doesn’t “buy the Ripple narrative anymore.”
XRP bulls should gear up for a period of potential price drops in the coming weeks. Notably, commentators are not too optimistic about a spot XRP exchange-traded fund (ETF) launching on Wall Street in the near future, which could smother the demand for XRP versus Bitcoin. The drawn-out case between Ripple and the U.S. Securities and Exchange Commission (SEC) is a major reason why, along with the lack of existing XRP futures ETFs in the United States.
XRP was changing hands at $0.5096 at press time, a 4.3% drop over the last 24 hours.