Experts Say Misinformation Is Biggest Reason XRP Failed to Experience Major Growth

Prominent figures in the XRP community have argued the negative impact of misinformation on the XRP ecosystem.

The conversation unfolded amid a disclaimer that XRP Ledger (XRPL) does not support ordinal inscriptions, prompting a critic to claim that XRPL lags behind other blockchain networks.

In response, XRPL Labs CTO Richard Holland asked the critic to propose up to ten improvements they would like to see on XRPL, drawing inspiration from features already available on other blockchain platforms.

Genuine question: If you could have 5-10 things added to the XRPL, that other chains already have, what would those be?

— RichardAH ? (@RichardXRPL) December 27, 2023

The critic proposed that XRPL should function as a cloud service, support smart contracts, offer a single digital ID for access to all dApps, allow HTTP outcalls, incorporate a reverse gas model, and more.  

Meanwhile, Vet, an XRPL dUNL validator, reacted to Richard’s challenge to the critic by suggesting builders. However, another crypto enthusiast responded to Vet’s suggestion with a critical question;

“Guess the question is, after all this time, why doesn’t the XRPL have many builders? What is it about XRPL exactly?”

XRPL Labs Founder Attributes it to Misinformation

Wietse Wind, the founder of XRPL Labs, addressed the question by highlighting several misconceptions. His response suggested the prevalence of misinformation and confusion as a significant obstacle to attracting developers over the years.

Firstly, Wind refuted the idea that XRPL is centralized. Secondly, he corrected the false notion that XRPL lacks token issuing and decentralized exchange (DEX), clarifying that these features have been present for a long time. 

Furthermore, he dismissed the SEC suit’s relevance to the XRPL ecosystem. Also, Wind noted that smart contract technology is now available on XRPL. 

Ultimately, Wind pointed out that the primary challenge stems from a widespread lack of understanding about XRPL. In his words:

“[There is] misinformation/confusion about the origin and lack of public knowledge about what the XRPL is and can do, and could do, for all these years.”

– "XRPL centralised" (not)
– "No token issuing/DEX" (false, there since forever)
– Uncertainty with the SEC suit against Ripple (mostly irrelevant)
– No smart contracts (tech is now there)

So most of all: lack of knowledge about what the XRPL really is.

I've talked to soooo…

— WietseWind (?+? Xumm @ XRPL Labs) (@WietseWind) December 27, 2023

The Trend Impacts XRP’s Growth

Dizer Capital founder Yassin Mobarak echoed Wind’s sentiment, asserting that the misinformation trend has been a primary factor hindering significant growth for XRP, unlike Ethereum (ETH) and Solana (SOL).

?. That is probably the biggest reason why XRP has not experienced major growth yet within the Crypto Community like ETH and Solana have.

— Yassin Mobarak ? (@Dizer_YM) December 27, 2023

Besides, attorney Bill Morgan argued that the misinformation trend appears to be a targeted campaign at XRP, which has been a prominent phenomenon he has encountered in his three years of following the space. 

Morgan attributed his initial awareness of the trend to the legal proceedings involving XRP. This prompted him to begin engaging in the case due to discrepancies between information in the XRP and broader communities.

Over time, Morgan uncovered that the misinformation campaign extended far beyond imaginable limits.