A prominent voice known as Dark Horse has accused Ripple of betraying its loyal XRP holders. Taking to X, the researcher has launched a scathing attack on Ripple’s leadership, including CEO Brad Garlinghouse, CTO David Schwartz, and President Monica Long, alleging that the company’s focus on self-serving projects and narratives has done little to benefit the broader XRP ecosystem.
Dark Horse’s discontent stems from what he describes as Ripple’s prioritization of initiatives that favor the company and its affiliates rather than the XRP community at large. Among the chief grievances is Ripple’s involvement in projects such as Root Network and OpenEden Tbills.
The Root Network, built on Substrate’s open-source blockchain framework, connects games and content but, according to Dark Horse, offers minimal advantages to XRP holders. OpenEden, another Ripple-backed project, deals with tokenized Treasury bills on the XRP Ledger and recently received $10 million in support. However, Dark Horse points out that its offerings are inaccessible to potential users in the US and UK, raising questions about its relevance and utility.
The critique extends to Ripple’s legal battles, with Dark Horse condemning the company’s recent $125 million settlement with the SEC. While this settlement was perceived as a victory by many within the XRPL ecosystem—considering the SEC’s initial $2 billion demand—Dark Horse argues that Ripple’s Chief Legal Officer, Stuart Alderoty, misleadingly suggested that the resolution provided XRP with the same legal clarity as Bitcoin (BTC). This, according to Dark Horse, is a misrepresentation of the case’s implications.
Moreover, the researcher accuses Ripple of centralizing the XRPL ecosystem, undermining the decentralized nature of the network. He cites the problematic implementation of the Xahau Layer 2 network and the Hooks amendment—intended to introduce smart contract functionality to XRPL—as evidence of Ripple’s restrictive control. Dark Horse argues that Ripple’s refusal to embrace certain amendments highlights its dominance over the XRPL, which he believes has stifled innovation and growth within the ecosystem.
“The XRP Ledger isn’t decentralized if Ripple can veto any changes or improvements,” Dark Horse asserts. “The Hooks amendment should have been a wake-up call for all XRP holders. Yet, we continue to hear narratives from Ripple employees that do little to address the real issues.”
As XRP trades at $0.554—a slight dip in the past 24 hours and nearly a 7% drop over the last week—Dark Horse’s criticisms add to the growing discontent among XRP holders. With Ripple’s market cap standing at $31.167 billion, the debate over its leadership and direction is likely to remain a hot topic as the community grapples with the company’s evolving strategies and its impact on the XRP ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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