XRP influencer John Squire has expressed frustration with Ripple, urging CEO Brad Garlinghouse to ensure that the company’s partnerships bring tangible benefits to XRP holders.
His comments followed Ripple’s announcement of a partnership with DriveWealth, a global platform that provides brokerage services. The partnership aims to improve digital asset infrastructure, including payments, settlements, custody, and institutional financing.
In a post on X, Squire said the XRP community was tired of seeing Ripple announce new partnerships without seeing clear benefits for XRP itself.
“XRP Army Is Tired”
“The XRP community is tired,” Squire wrote. “We believe in the vision, but people need to see that progress reflected in XRP itself. Hope needs results, Brad.”
His comments highlight a popular concern among XRP holders: Ripple’s expanding partnerships and business operations have had limited impact on XRP’s price.
The coin is currently trading at $1.30, down 5% over the past day. It has fallen 29% since the start of the year. While XRP briefly touched $1.70 in August, it has since retreated, down more than 20%.
Moreover, XRP has remained below $3.84 for nearly a decade, frustrating many holders who believe the coin has yet to enter a price discovery phase. This contrasts with Bitcoin, which has reached six-figure prices.
Meanwhile, Ripple continues to forge high-profile alliances and pursue acquisitions worth billions of dollars.
Ripple Announces Partnership With DriveWealth
In its latest move, Ripple partnered with DriveWealth to make it easier and faster to move money across global investment markets using digital financial technology. The partnership will focus on four main areas:
- Stablecoin payments
- International money transfers
- Digital asset custody
- Equity financing
DriveWealth plans to use Ripple’s technology to settle payments in Europe using Ripple USD (RLUSD) on the XRP Ledger (XRPL). The companies may expand this service to the United States in the future.
They will also use Ripple Payments to help DriveWealth’s global partners transfer money across borders more efficiently. In addition, Ripple will help DriveWealth meet its digital asset custody needs in Europe, with plans to expand into other markets later.
The companies are also exploring financing opportunities through Ripple Prime, which offers services related to U.S. stocks and stock derivatives.
The partnership will allow DriveWealth clients to fund their accounts and manage collateral using stablecoins that can be converted into cash almost instantly. This could reduce their reliance on traditional bank transfers.
DriveWealth CEO Naureen Hassan said the company already offers trading five days a week, around the clock, and now wants its payment systems to operate just as efficiently.
Will the Partnership Benefit XRP?
Ripple’s partnership with DriveWealth will expand its financial services, but it remains unclear whether the deal will directly benefit XRP.
The partnership will use Ripple USD (RLUSD) on the XRP Ledger. It will also involve Ripple Payments, digital asset custody, and discussions about financing services.
However, using Ripple’s products does not automatically mean using XRP in every transaction. RLUSD and XRP are separate assets, and using RLUSD for payments does not necessarily increase demand for XRP.
Meanwhile, XRP holders hope Ripple’s growing network of business partnerships will translate into tangible benefits for XRP and improve its market performance.