In a recent poll, some XRP holders revealed the main reason they are still holding onto the token.
Notably, the poll was presented by Crypto Eri, a well-known voice in the XRP community, who asked her audience why they still hold XRP. She gave four choices, and deliberately left out the usual hype and rumors that often cloud discussions about the token.
Team Ripple
One of the options was “Team Ripple,” which talked about Ripple’s progress and how it could benefit XRP. Remarkably, Ripple hasn’t slowed down. In late 2024, they launched RLUSD, a stablecoin meant to bolster liquidity across their network.
Since then, they’ve teamed up with BNY to handle custody for the stablecoin. In addition, they have continued to acquire major firms, including Metaco, Standard Custody, and most recently, prime brokerage firm Hidden Road.
Ripple has also persisted in the practice of buying back its own shares. This indicates confidence in its long-term strategy. Essentially, most XRP holders think Ripple’s growth will eventually benefit the token, and this is why they continue to hold.
XRP as Multichain Gas Token and DeFi Leader
Another option Eri included was XRP’s use as a multichain gas token. Notably, XRP powers the XRP Ledger (XRPL), covering transaction fees and enabling asset transfers. With multichain activity becoming more important in crypto, some believe XRP’s utility here will grow.
The poll also featured the idea that XRP could soon lead the DeFi space. Right now, Ethereum dominates DeFi. However, XRP holders see potential for the XRPL to catch up amid recent progress.
For one, Ripple recently launched an Ethereum-compatible sidechain (EVM), and developers are working on bringing native smart contracts to the XRPL itself. The Flare Network is also building a project that connects XRP staking to XRPL.
In addition, Cardano founder Charles Hoskinson has floated the idea of using Midnight, Cardano’s privacy-focused chain, as a DeFi layer for XRPL. These developments give some XRP holders confidence that the network could eventually lead in DeFi.
XRP’s 2017 Rally
The final poll choice pointed to XRP’s famous 2017 rally. Back then, XRP jumped from $0.005 to over $3 in a matter of months, representing a staggering 68,000% increase.
Some analysts see patterns in XRP’s current price action that mirror its 2017 setup. While no one expects a repeat of that exact run, most market watchers believe a strong rally could still be ahead. This is one of the reasons some investors have kept on holding.
At press time, about 1,400 individuals have responded. Of this figure, 48% of the voters picked “Team Ripple” as their top reason.
Another 26% said they’re holding because they believe XRP will eventually lead the DeFi space. The remaining votes split evenly, with 13% supporting XRP’s role as a multichain gas token and 13% hoping for another major rally like 2017.
Far-fetched Claims around XRP
Eri also called out some of the more far-fetched claims within the community. She excluded them from the poll for a reason. These include the idea that all Japanese banks will adopt XRP, that the token was designed to prevent World War III, and that it holds official ISO status.
The claim about Japanese banks comes from past comments by SBI Holdings CEO Yoshitaka Kitao. Although SBI supports XRP and Ripple, no official development confirms that every bank in Japan plans to use it.
Also, the story about XRP being built to stop a global war lacks any credible proof and seems more symbolic than factual. As for ISO recognition, while RippleNet is ISO-compliant, XRP itself is not.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
