2nd February 0225 – (New York) Digital trading platform Uphold has sparked significant anger within the XRP community by questioning the viability of a strategic reserve involving the controversial cryptocurrency affiliated with Ripple.
In a recent segment shared by Uphold, Anthony Georgiades, founder and general partner of Innovating Capital, expressed his concerns on Yahoo! Finance, stating that he identifies several “fundamental flaws” in XRP. He further suggested that a reserve backed by XRP could ultimately lead to the network’s downfall.
Georgiades remarked, “It really goes back to the fundamental behaviour of how Ripple itself operates.” He emphasised the perception that XRP is heavily influenced by Ripple Labs, stating, “Ripple Labs maintains a lot of influence over XRP.” This centralised aspect, he argued, is a key reason why regulatory authorities would be hesitant to consider XRP as a viable candidate for a strategic reserve.
Following Uphold’s promotion of the interview, the platform was inundated with hundreds of critical comments. One XRP-focused YouTuber, Crypto Eri, questioned Uphold’s judgment, asking, “What a weird and wrong kind of post for Uphold. Is this a new PR firm that doesn’t understand the space?” Another user labelled the comments as “FUD” (fear, uncertainty, and doubt).
Despite facing backlash, Uphold has previously resisted regulatory pressure to delist XRP following the SEC’s lawsuit against Ripple in early 2021.
Ripple’s relationship with the broader cryptocurrency community has been contentious, as evidenced by its alleged lobbying efforts against Bitcoin reserves, which have drawn criticism from Bitcoin supporters. Ripple CEO Brad Garlinghouse has publicly stated his support for a multi-token reserve that would include XRP, amidst ongoing debates about the future of cryptocurrency reserves, particularly as the odds of the U.S. establishing a Bitcoin reserve in 2025 currently stand at 43%.
