A simple question from a prominent crypto commentator has sparked a passionate debate over the essential role of the XRP token. Scott Melker, known as “The Wolf Of All Streets” on X, raised the question of XRP’s current use case, especially as major financial entities like Western Union and SWIFT are opting for different blockchain technologies.

Melker’s inquiry received numerous responses, showcasing a clear split between the token’s technical capabilities and its actual market adoption.

The Core of the Disagreement

In his post, Melker emphasized that it was not intended as a trolling attempt, questioning XRP’s significance in a landscape where leading finance firms are prioritizing other payment networks. “Stablecoins have clearly taken the reins for payments,” he acknowledged, probing what real utility XRP currently possesses.

Responses from parts of the XRP community came swiftly, sometimes defensively, with some members accusing Melker of lacking understanding while others suggested he was not engaging in thorough research.

This elicited a pointed remark from Melker:

“If you get legitimately triggered when someone asks a question about your favorite asset, then you might be too emotionally attached.”

However, others provided comprehensive replies, depicting XRP as an essential asset underlying the XRP Ledger (XRPL). An advocate named ‘Mickle’ argued that its worth is inherent to the network’s functionality, labeling it a “neutral bridge currency” that facilitates transactions among different financial ecosystems, including central bank digital currencies (CBDCs) and banks.

In a contrasting viewpoint, some argued that while stablecoins denote value, “XRP embodies mobility,” serving as a neutral intermediary that does not depend on a certain issuer like a bank.

Melker continued to challenge these claims, seeking evidence of pervasive use of this technology today. “Is anyone using it right now? Or is it theoretical?” he questioned. When some urged him to do his own research, the author stated, “Nobody can answer what is happening. They all just tell me what will.”

A Technical Explanation and an Honest Admission

Amid the ongoing discussion, an explanation from Onami Press co-founder Santiago Velez resonated with Melker, who referred to it as “far and away the best response” he had received. Velez highlighted that one of the primary functions of XRP is to carry value for preventing spam on the XRP Ledger, elaborating on the “rippling” method for currency exchange, where XRP serves as a unique, independent bridge.

While carrying market volatility risk, XRP avoids the counterparty risk associated with assets issued by companies such as Circle or Tether, as Velez described, making it vital for transferring value between systems that may not fully trust each other.

After reflecting on this explanation, Melker recognized the “elegant” structure of the XRP Ledger, although he expressed skepticism about its influence on the long-term value of the token. “The bridge clearly works – I’m just not sure the toll booth ever collects,” he concluded, questioning whether the technology would result in continued demand for XRP itself.

In a candid admission, Mickle confessed a common investment motivation, remarking, “I mean, this is fair. But at the end of the day, I’m here to make money.”

Such community sentiments seem consistent with optimistic price forecasts circulating in the market. Certain analysts maintain that XRP could potentially rise above $5 during the ongoing market cycle, drawing on historical trends, despite recent declines and various warning indicators. For many supporters, their belief in potential future price surges appears as compelling as any present use case.