No One Is Using XRP, Wall Street Vet Says

Wall Street veteran Fred Krueger has angered members of the XRP community by stating that “not one actual human being” is actually using the controversial Ripple-linked token.

The former arbitrage trader, who has worked for such firms as Salomon Brothers and Greenwich Capital, added that holding the token does not qualify as an actual use case.

Is anyone using XRP?

Krueger’s provocative social media post prompted many members of the XRP community to share how they are actually using the token.

Matt Hamilton, former director of developer relations at Ripple, said that XRP was used to “help out” his friend in the U.K. “I literally just sent some XRP to help out a friend. I am in the UK, they are in the US. It was the easiest, cheapest, and fastest way,” Hamilton said on X.

Some have also noted that XRP is being used for buying meme coins on the XRP Ledger (XRPL) as well as non-fungible tokens (NFTs).

Krueger, however, is not impressed by such use cases while also rejecting the idea that it can be compared to Bitcoin since he believes that the latter actually has utility.

While some have pointed to XRPL’s activity as proof of the token’s utility, a study that dates back to 2020 found that a whopping 96% of transactions on the network actually had no economic value.

XRP’s adoption by banks remains extremely scarce and rather anecdotal, but the token is indeed being used as a bridge asset in Ripple’s flagship on-demand liquidity (ODL) solution.

A long-time XRP skeptic

Krueger, who also holds a Ph.D. in Applied Mathematics from Stanford University, has been a long-time critic of XRP, which is not surprising considering that he is a self-identifying “Bitcoin maximalist.”

Earlier this year, he strongly criticized the idea of making XRP part of the US strategic reserve.

In January, he listed XRP alongside Cardano (ADA) and Chainlink (LINK) among “the most ridiculous” tokens.